18 September 2025

Pantheon Resources plc

Dubhe-1 Operational Update - Ready for Completion

Pantheon Resources plc ("Pantheon" or the "Company"), the oil and gas company developing the Kodiak and Ahpun projects near pipeline and transportation infrastructure on Alaska's North Slope, is pleased to announce the timing of the hydraulic fracture stimulation and associated well testing for the Dubhe-1 well.

Key Points

·      Equipment currently being mobilised to the Dubhe pad from locations in Alaska and Canada

·      A hydraulic fracture stimulation is scheduled on or around the week commencing September 29^th and is estimated to take approximately two weeks to execute

·      Production testing at the Dubhe-1 well is expected to take place thereafter utilising a temporary production system

Completion Details

As previously announced, the Dubhe-1 horizontal lateral was successfully drilled and logged to a total measured depth ("MD") of 15,800 ft, of which c.5,200 ft was entirely within the SMD-B target reservoir. This exceeded the pre-drill targeted length of 3000-4000 ft. Subsequently, production casing was successfully installed and cemented throughout the horizontal lateral and back to surface.

The stimulation is being led by Element Technical Services Inc ("Element"), an established hydraulic horsepower service provider operating throughout Canada and Northern United States. As a new entrant to the North Slope of Alaska service sector, Element was selected for its expertise and efficiency conducting similar operations in remote and cold weather climates.

The completion is a plug and perforate, hydraulically fractured and sand propped, stimulation. Following the stimulation, a coiled tubing unit will drill out the plugs separating these stages, and production tubing will be installed into the well. This operation will likely encompass approximately two weeks in total subject to final approval by the State of Alaska.

Following completion, the well will be flow tested through a temporary production system. It is anticipated that the well will initially produce primarily injected water for a period of up to ten days (the cleanup phase) before any sustainable hydrocarbon volumes can be observed. Given the importance of the data collected from this well for future development decisions, the Company is planning to flow test this well for an extended period.

Erich Krumanocker, Chief Development Officer, said: "The team has done an excellent job drilling, and most recently, setting casing in this key well appraising our primary Ahpun reservoir (the SMD-B). We are very excited to be moving ahead with the completion and subsequent flow testing in the coming weeks. We have assembled a great team of suppliers with extensive experience and are looking forward to the results."

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 approximately $5 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 807 mile 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.