10 July 2025

Pantheon Resources plc

Operating Update, Webinar, and Total Voting Rights

Pantheon Resources plc ("Pantheon" or the "Company"), the oil and gas company developing the Kodiak and Ahpun projects located in close proximity to pipeline and transportation infrastructure on Alaska's North Slope, is pleased to advise the following:

Operating Update

Pantheon is pleased to confirm that the Nabors 105AC rig is contracted and is currently mobilising to the Dubhe-1 pad. The Dubhe-1 well is an appraisal well targeting the Ahpun Topset (previously referred to as the Shelf Margin Deltaic-B ("SMD-B") horizon as the primary target. In June 2024, the Independent Experts Report ("IER") by Cawley Gillespie & Associates ("CG&A") estimated 2C Contingent Resources for the Ahpun Topsets of 282 million barrels of Marketable Liquids (ANS Crude) and 804 billion cubic feet ("BCF") of natural gas.

Dubhe-1: Objectives

·      Progress the Ahpun Topset development (CG&A estimate (10 June 2024) of 282 mmbbls 2C liquid resources and NPV10 $1.7 billion (at $80 oil))⁽¹⁾

·      Assess the main topset reservoir horizon (SMD-B) in order to plan optimum production laterals 

·      Penetrate additional potential pay zones (Lower Prince Creek, SMD-C and a Slope Fan)

The Company is planning for a potential lateral completion and long term flow test, which, if undertaken, would be intended to prove deliverability of oil and pipeline-quality associated gas. The planned oil production is the main value driver of any development while the associated gas and its value in the Alaska LNG Phase 1 Project supports the financing strategy.

The Directors believe that the Dubhe-1 well will generate important news flow over coming months as well as potentially supporting Independent Expert Report resource and valuation upgrades based on the following:

·      The pre-drill prognosis indicates that the target zone at Dubhe-1 has the potential to be thicker than Pipeline State#1 and Talitha-A;

·      Any confirmation of increased thickness would add to the potential drilling inventory (e.g. via "wine-racking"); and

·      Expected penetration of three additional exploration targets (Lower Prince Creek, SMD-C and a Slope Fan) not included in the independent resource estimates.

(1)   https://www.pantheonresources.com/index.php/investors/shareholder-documents/696-cg-a-certain-ahpun-west-field-properties-in-alaska-contingent-resources/file

Webinar

As previously announced, a webinar presentation and Q&A will be held on the Investor Meet Company platform at 4.30pm British Summer Time today and is open to all shareholders and other interested parties (the "Webinar"). Registration details can be accessed at: https://www.investormeetcompany.com/pantheon-resources-plc/register-investor

A copy of the investor presentation to be delivered during the Webinar will be uploaded to the Company's website at https://www.pantheonresources.com/ prior to commencement.

Total Voting Rights

Further to its announcement of 7 July 2025, the 95,796,033 New Ordinary Shares, constituting the 49,009,571 Placing Shares, the 7,290,083 Subscription Shares, the 16,976,514 2021 Bond Shares and the 22,519,865 2025 Bond Shares are expected to admit on 11 July 2025.

Immediately following Admission, the Company's issued share capital will be 1,238,794,546 Ordinary Shares, with each share carrying the right to one vote. The Company does not hold any Ordinary Shares in treasury. The total voting rights figure immediately following Admission, of 1,238,794,546 may be used by shareholders (and others with notification obligations) as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure Guidance and Transparency Rules.

Capitalised terms in this announcement have the meaning given to them in the announcement of 7 July 2025.

Further information:

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.