21 May 2025

Pantheon Resources plc

Further Results from the Flow Testing of the Megrez-1

Pantheon Resources plc (AIM:PANR, OTCQX: PTHRF) ("Pantheon" or the "Company"), an oil and gas company developing the Kodiak and Ahpun oil fields in close proximity to pipeline and transportation infrastructure on Alaska's North Slope, today announces the completion of Megrez-1 flow testing.

Lower Sagavanirktok 3 Formation Flow Test:

·      Two intervals were perforated at 4,830-4,850ft measured depth and 4,930-4,950ft measured depth, and then, after running the completion, lifted to surface with nitrogen.

·      The well produced at a rate in excess of 2,000 barrels of liquid per day, with no appreciable quantities of oil or gas recovered.

·      The well was shut in during the evening of 20 May 2025 BST and will now be suspended indefinitely pending further evaluation of the results to date.

·      The results of the Megrez-1 exploration well has no bearing on the already discovered 1.57 billion barrels of marketable liquids (ANS Crude) and 6.6 Trillion Cubic Feet of natural gas independently certified resources on the Company's Ahpun and Kodiak projects.

Forward Work Programme:

·      Preparations continue for the Ahpun field development, including facilities and well planning and the regulatory application process. Pantheon's objective remains to achieve cash flow self-sufficiency and sustainable market recognition of a value of at least $5 per barrel of recoverable resources by 2028, while minimising value dilution for existing investors.

·      Planning is advancing for the Dubhe-1 commercial demonstration well, located in the Ahpun field western topsets, to support the development case for Alaska LNG Phase 1 (pipeline). Activities are targeted to commence during summer 2025.

Webinar:

·      The Company will host an investor update via Investor Meet Company on 21 May 2025, 17:30 BST. The presentation is open to all existing and potential shareholders. Questions can be submitted at any time during the live presentation.

·      The webinar will cover the Megrez-1 results and analysis to date, as well as provide an update on the current development plans for the Ahpun project where the Company is targeting the spudding of a commercial test well in summer 2025.

·      Investors can sign up to Investor Meet Company for free and add to meet PANTHEON RESOURCES PLC via: https://www.investormeetcompany.com/pantheon-resources-plc/register-investor.

·      Investors who already follow PANTHEON RESOURCES PLC on the Investor Meet Company platform will automatically be invited.

Max Easley, Chief Executive Officer of Pantheon Resources, commented: "The production testing of Megrez-1 is now complete. It is disappointing that no mobile oil was discovered in the tested intervals despite observed reservoir properties prior to testing. The Company will now fully focus on the development of the established Ahpun and Kodiak discovered resources, where we already have independently certified contingent resources of 1.57 billion barrels of marketable liquids (ANS Crude) 6.6 Trillion Cubic Feet of natural gas, and to achieve positive cash flow generation."

For further information, please contact:

Corporate Contact
Pantheon Resources plc
Justin Hondris
contact@pantheonresources.com

Nominated Adviser and Broker
Canaccord Genuity Limited
Henry Fitzgerald-O'Connor, James Asensio, Charlie Hammond
+44 20 7523 8000

Public Relations Contact
BlytheRay
Tim Blythe, Megan Ray, Matthew Bowld
+44 20 7138 3204

USA Investor Relations Contact
MZ Group
Lucas Zimmerman, Ian Scargill
+1 949 259 4987
PTHRF@mzgroup.us

In accordance with the AIM Rules - Note for Mining and Oil & Gas Companies - June 2009, the information contained in this announcement has been reviewed and signed off by Max Easley, a qualified Petroleum Engineer and a member of the Society of Petroleum Engineers, who has 33 years' relevant experience within the sector.

The information contained within this Announcement is deemed by Pantheon Resources PLC to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").

About Pantheon Resources

Pantheon Resources plc is an AIM listed Oil & Gas company focused on developing its 100% owned Ahpun and Kodiak fields located on State of Alaska land on the North Slope, onshore USA. Independently certified best estimate contingent recoverable resources attributable to these projects currently total c. 1.6 billion barrels of ANS crude and 6.6 Tcf of associated natural gas. The Company owns 100% working interest in c. 259,000 acres.

Pantheon's stated objective is to demonstrate sustainable market recognition of a value of $5-$10/bbl of recoverable resources by end 2028. This is based on bringing the Ahpun field forward to FID and producing into the TAPS main oil line (ANS crude) by the end of 2028. The Gas Sales Precedent Agreement signed with AGDC provides the potential for Pantheon's natural gas to be produced into the proposed 807mile pipeline from the North Slope to Southcentral Alaska during 2029. Once the Company achieves financial self-sufficiency, it will apply the resultant cashflows to support the FID on the Kodiak field planned, subject to regulatory approvals, targeted by the end of 2028 or early 2029.

A major differentiator to other ANS projects is the close proximity to existing roads and pipelines which offers a significant competitive advantage to Pantheon, allowing for shorter development timeframes, materially lower infrastructure costs and the ability to support the development with a significantly lower pre-cashflow funding requirement than is typical in Alaska. Furthermore, the low CO2 content of the associated gas allows export into the planned natural gas pipeline from the North Slope to Southcentral Alaska without significant pre-treatment.

The Company's project portfolio has been endorsed by world renowned experts. Netherland, Sewell & Associates estimate a 2C contingent recoverable resource in the Kodiak project that total 1,208 mmbbl of ANS crude and 5,396 bcf of natural gas. Cawley Gillespie & Associates estimate 2C contingent recoverable resources for Ahpun's western topset horizons at 282 mmbbl of ANS crude and 803 bcf of natural gas. Lee Keeling & Associates estimated possible reserves and 2C contingent recoverable resources totalling 79 mmbbl of ANS crude and 424 bcf natural gas.

For more information visit www.pantheonresources.com.