Pantheon Resources (PANR) Investor update summary

Strategic and Operational Highlights

• Successfully drilled the W-1 well with no safety incidents or environmental spills, reaching a total depth of 15,800 feet and a 5,200-foot lateral, exceeding pre-drill expectations.

• Dubhe-1 appraisal well drilled to 12,833 ft, also exceeding pre-drill expectations with 565 ft true vertical thickness in the primary SMD-B target.

• Confirmed a thicker-than-expected SMDB reservoir (565 feet vs. 500 feet pre-drill), with logged pay in both the SMDC above and slope fan below, indicating significant resource upside.

• Identified additional infill potential through a wine rack well pattern, supporting an extra 25-30 wells and 40 million barrels of marketable liquids.

• No safety incidents or reportable spills occurred during operations.

Resource Update and Development Planning

• Upgraded total Ahpun area resources to just under 600 million barrels, a more than 60% increase, with 228 million barrels of new marketable liquids identified.

• Total discovered 2C resources now estimated at 589 million barrels of marketable liquids after recent upgrades.

• Ahpun Topset (SMD-B) now estimated at 282 million barrels, with infill and Slope Fan additions bringing total discovered resources to 589 million barrels.

• Planned development includes a 187-well inventory, with optimized modern completions and multiple landing zones.

• All resources are located near key infrastructure, enabling capital-efficient, co-development of stacked horizons.

Technical and Development Update

• W-1 well results validate reservoir continuity, thickness, and quality, supporting full-field development plans.

• Hydraulic fracture stimulation is the next step, involving 10 million pounds of sand and 200,000 barrels of water, with logistics underway and a specialized crew mobilized from Alberta.

• Standard unconventional completion design finalized, with 25 plug-and-perforate stages and 5,200 ft horizontal section.

• Completion design follows standard unconventional practices, aiming for a representative well to inform future development and regulatory approvals.

• Flow test results will be critical for engineering, design, and moving toward final investment decision (FID).