Pantheon Resources (PANR) Investor update summary

Strategic context and asset overview

• Holds 100% working interest in 258,000 acres on Alaska's North Slope, adjacent to key infrastructure, with 1.6 billion barrels of 2C oil and 6.6 Tcf of gas certified as recoverable resources.

• Federal support and state-backed Alaska LNG project provide regulatory and market advantages, with a precedent agreement as a preferred gas supplier.

• Management team refreshed with leaders experienced in value creation and Alaskan operations.

Operational update and technical progress

• W-1 well (also referred to as Dubhe-1) operations paused for a pressure buildup survey at 50% load recovery to preserve capital during costly winter conditions, with plans to resume in spring.

• W-1/Dubhe-1 confirmed a thicker reservoir, successful fracture stimulation, and safe operations with minimal solids produced.

• 100,000 barrels of water (50% load recovery) and over 100 barrels of oil produced; oil breakthrough later than hoped, but consistent with analogs.

• Analogues from Alkaid-2 and Talitha-A wells show similar early gas production and oil arrival patterns, supporting Dubhe-1's results.

• Pressure buildup survey and core analysis planned to inform next steps and optimize future flowback.

Financial and capital allocation

• Daily operating costs exceed $150,000 in winter, prompting the pause to preserve cash.

• No immediate need to raise capital; GBP 27 million liquidity available, with large CapEx for Kodiak contingent on securing partners.

• Ahpun prioritized for near-term development due to lower capital requirements and proximity to infrastructure.

• Ahpun appraisal advancing toward a 2027 final investment decision, with a focus on capital efficiency and self-sufficiency to minimize dilution.

• Kodiak appraisal and development will proceed only with farm-out or industry partnership to avoid shareholder dilution.