16 February, 2023

Pantheon Resources plc

Alkaid #2 update - well cleanout completed

Pantheon Resources plc ("Pantheon" or "the Company"), the AIM-quoted oil and gas company with a 100% working interest in all of its oil projects spanning c. 153,000 acres adjacent and near to transportation and pipeline infrastructure on the Alaska North Slope, is pleased to provide the following update:

Well cleanout - Alkaid #2

The cleanout of the sand blockage in the Alkaid #2 well is now complete and the Nordic Calista #2 rig has moved off the Alkaid #2 well head after replacing the production tubing. Commencement of these operations was delayed due to poor weather and a number of electrical and hydraulic issues with the rig which are now all resolved. The team is currently connecting Alkaid #2 to the production facility in preparation for the resumption of the long term production testing operations which will recommence shortly. The entire facility will now run on power completely generated with produced gas without any ancillary equipment. 

Jay Cheatham, CEO, said: "I'm excited to resume flow testing soon, with a clean wellbore which will flow directly into our impressive permanent facility, which was designed, procured, built and commissioned in a single season.

"We encountered a number of equipment issues which slowed progress over the past few weeks but I am happy to report that all these are now behind us and we can look forward to continuing flow testing. As I stated previously, we are less than 40% through the recovery of the frack fluid (well cleanup) and I'm confident that Alkaid #2 will ultimately prove a commercial success. Whilst we're optimistic, we always remind shareholders that a definitive assessment of ultimate commerciality cannot be made until flow testing operations are completed."

-ENDS-

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Notes to Editors

Pantheon Resources plc is an AIM listed Oil & Gas company focused on several large projects located on the North Slope of Alaska ("ANS"), onshore USA where it has a 100% working interest in 153,000 highly prospective acres with potential for multi billion barrels of oil recoverable. A major differentiator to other ANS projects is its close proximity to transport and pipeline infrastructure which offers a significant competitive advantage to Pantheon, allowing for materially lower capital costs and much quicker development times. The Group's stated objective is to create material value for its stakeholders through oil exploration, appraisal and development activities in high impact, highly prospective conventional assets, in the USA; a highly established region for energy production with infrastructure, skilled personnel and low sovereign risk. All operations are onshore USA, with drilling costs materially below that of offshore wells.