THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND OR THE REPUBLIC OF SOUTH AFRICA, NOR IS IT TO BE TRANSMITTED OR DISTRIBUTED TO, OR SENT BY, ANY NATIONAL OR RESIDENT OR CITIZEN OF ANY SUCH COUNTRIES OR OF ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION MAY CONTRAVENE LOCAL SECURITIES LAWS OR REGULATIONS. PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THIS ANNOUNCEMENT.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (596/2014/EU) AS IT FORMS PART OF UK DOMESTIC LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED ("MAR").

15 January 2026

Pantheon Resources plc

Placing to raise $10 Million

for Planned Flow Testing of Dubhe-1 and Seismic Reprocessing at Kodiak

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 that it has raised $10 million of new capital (before expenses) by way of a conditional placing (the "Fundraise") of new Ordinary Shares at a price of 7.0 pence per share (the "Issue Price") to support near-term appraisal activities across the Ahpun and Kodiak projects and for general working capital.

The proceeds help underpin the Company's plans for the Dubhe-1 testing which include the acquisition and analysis of new and existing well data, preparing procedures for a cost effective and productivity enhancing start-up leading to resumption of the flow testing programme. 

Resumption of Dubhe-1 testing represents an important step towards the commercialisation of an estimated ~282 million barrel liquid contingent (2C) resource⁽¹⁾ in the Shelf Margin Deltaic reservoir, and ultimately, the overall greater than 500 million barrel contingent (2C) resource⁽²⁾ in the Greater Ahpun Area. It would also underpin the gas offtake precedent agreement with the State of Alaska.

In addition, remaining proceeds will be allocated to reprocessing existing Kodiak seismic data to deliver higher-quality reservoir imaging, supporting the potential for drilling of an appraisal well possibly as early as the 2026/27 winter season and subject to further financing.  The Kodiak resource, currently assessed by third party independent experts⁽³⁾ at 1.2 billion barrels of contingent (2C) recoverable liquids, with substantial upside potential to 2.8 billion barrels (3C), has already attracted industry interest. There are currently several parties in farm-out discussions with the Company, and the reprocessed seismic is expected to further strengthen the Company's position in any such farm-out discussions.

(1) Source: Ahpun Topset Independent Expert Report from Cawley, Gillespie & Associates, Inc. ("CG&A") (see Company announcement 11 June 2024)

(2) Source: CG&A Estimate plus Management Ahpun Resource Updates (see Company announcement 8 September 2025)

(3) Source: Kodiak Independent Expert Report from Netherland Sewell & Associates, Inc. (see Company announcement 9 April 2024)

The placing (the "Placing") of 106,209,678 new Ordinary Shares (the "Placing Shares" or "New Ordinary Shares") has been conducted by Oak Securities as sole bookrunner ("Oak Securities" or the "Bookrunner").

The New Ordinary Shares, when issued, will all be credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares, including the right to receive all dividends and other distributions declared, made or paid on or in respect of such shares after the date of issue.

Application will be made to London Stock Exchange plc for admission of the 106,209,678 New Ordinary Shares to trading on AIM ("Admission") and it is expected that Admission will take place at 8.00 ‎a.m. (London time) on or around 22 January 2026 (or such later time and/or date as may be agreed between the ‎Company and the Bookrunner, being not later than 8.00 ‎a.m. (London time) on 30 January 2026). The Fundraise is conditional upon, inter alia, Admission ‎becoming effective and the Placing Agreement not otherwise being ‎terminated in accordance with its terms.

Max Easley, Chief Executive Officer, said: "Today's financing further enables our forward programme at Dubhe-1. Prior to the suspension of testing in December the well was exhibiting increased gas production volumes, and we are very keen to recommence operations after pressure build-up and other analysis has been completed. Completion of the testing programme will determine the next steps for the development of the Ahpun asset and will potentially unlock significant value for the Company.

"In addition, upgrading the seismic over the Kodiak structure now may significantly strengthen our position in ongoing farm-out discussions.

"We look forward to updating shareholders on both fronts in the coming weeks."

Further information:

Conditions relating to the Fundraise

The Fundraise is conditional, inter alia, upon:

a)   the Placing Agreement becoming unconditional in all respects (save for Admission occurring) and not having been terminated in accordance with its terms;

b)   Admission becoming effective by no later than 8.00 a.m. on 22 January 2026 (or such later time and/or date as the Company and Bookrunner may agree (being not later than 8.00 a.m. on 30 January 2026).

Accordingly, if such conditions are not satisfied or, if applicable, waived, or the Placing Agreement is terminated the Fundraise will not proceed.

The Fundraise is not underwritten by Oak Securities or any other person.

Settlement and dealings

The New Ordinary Shares will be in registered form and will be capable of being held in either certificated or uncertificated form (i.e. in CREST). Accordingly, following Admission, settlement of transactions in the Ordinary Shares may take place within the CREST system if a Shareholder so wishes.

The ISIN number of the New Ordinary Shares is GB00B125SX82. The TIDM is PANR.

Total Voting Rights

Immediately following Admission, the Company's issued share capital will be 1,454,327,311 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 1,454,327,311 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.

Working Capital

Based on the use of funds set out above, the Company expects that the Fundraise, together with existing cash resources, will provide sufficient working capital for the Group until Q4 2026.

Risk Factors

Any investment in the Company is subject to a number of material risks and uncertainties. Accordingly, prospective investors should carefully consider the material operational, engineering, geological, commodity price, political, financing, liquidity, foreign exchange, resource estimation and other risks of investing in an AIM-quoted company operating in the natural resources sector, other information contained in this Announcement and any other publicly available information about the Company before making a decision whether to invest in the Company.

Before making an investment, prospective investors are strongly advised to consult an investment adviser authorised under the Financial Services and Markets Act 2000, as amended ("FSMA") who specialises in investments of this kind. A prospective investor should consider carefully whether an investment in the Company is suitable in the light of his or her personal circumstances, the financial resources available to him or her and his or her ability to bear any loss which might result from such investment.

IMPORTANT INFORMATION

This Announcement is released by Pantheon Resources plc and contains inside information for the purposes of Article 7 of UK MAR. It is disclosed in accordance with the Group's obligations under Article 17 of UK MAR.

No action has been taken by the Group or the Bookrunner, or any of their respective affiliates, that would, or which is intended to, permit a public offer of the New Ordinary Shares in any jurisdiction or the possession or distribution of this Announcement or any other offering or publicity material relating to the New Ordinary Shares in any jurisdiction where action for that purpose is required. Any failure to comply with these restrictions may constitute a violation of the securities laws of such jurisdictions. Persons into whose possession this Announcement comes shall inform themselves about, and observe, such restrictions.

No prospectus has been made available in connection with the matters contained in this Announcement and no such prospectus is required (in accordance with the Prospectus Regulation) to be published.

The New Ordinary Shares will not be admitted to trading on any stock exchange, other than the AIM market operated by London Stock Exchange plc.

Neither the content of the Company's website nor any website accessible by hyperlinks on the Company's website is incorporated in, or forms part of, this Announcement.

This Announcement may contain "forward-looking statements" with respect to certain of the Company's plans and its current goals and expectations relating to its future financial condition, performance, strategic initiatives, objectives and results. Forward-looking statements sometimes use words such as "aim", "anticipate", "target", "expect", "estimate", "intend", "plan", "goal", "believe", "seek", "may", "could", "outlook" or other words of similar meaning. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond the control of the Company, including amongst other things, risks associated with the oil and gas industry in general (e.g. operational risks in exploration, development and production; the uncertainty of reserve estimates; and health, safety and environmental risks), constraint in the availability of services or equipment, commodity price fluctuations, changes in legislation impacting the oil and gas industry, adverse weather conditions and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures, United Kingdom domestic and global economic business conditions, market-related risks such as fluctuations in interest rates and exchange rates, the policies and actions of governmental and regulatory authorities, the effect of competition, inflation, deflation, the timing effect and other uncertainties of future acquisitions or combinations within relevant industries, the effect of tax and other legislation and other regulations in the jurisdictions in which the Company and its respective affiliates operate, the effect of volatility in the equity, capital and credit markets on the Company's profitability and ability to access capital and credit, a decline in the Company's credit ratings; the effect of operational risks; and the loss of key personnel.

As a result, the actual future financial condition, performance and results of the Company may differ materially from the plans, goals and expectations set forth in any forward-looking statements. Any forward-looking statements made in this Announcement by or on behalf of the Company speak only as of the date they are made. Except as required by applicable law or regulation, the Company expressly disclaims any obligation or undertaking to publish any updates or revisions to any forward-looking statements contained in this Announcement to reflect any changes in the Company's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.

This Announcement has not been approved by any competent regulatory authority.

Merlin Partners LLP, trading as Oak Securities, is sole bookrunner to the Company, authorised and regulated by the FCA in the United Kingdom and is acting exclusively for the Company and no one else in connection with the Placing and will not regard any other person (whether or not a recipient of this Announcement) as a client in relation to the Fundraise and Admission or any other matters referred to in this Announcement and Oak Securities will not be responsible to anyone (including any Placees) other than the Company for providing the protections afforded to its clients or for providing advice in relation to the Fundraise, Admission or any other matters referred to in this Announcement.

Canaccord Genuity Limited ("Canaccord") is nominated adviser to the Company, authorised and regulated by the FCA in the United Kingdom and is acting as the Company's Nominated Adviser exclusively for the Company and no one else in connection with the Admission and will not regard any other person (whether or not a recipient of this Announcement) as a client in relation to the Fundraise and Admission or any other matters referred to in this Announcement and Canaccord will not be responsible to anyone (including any Placees) other than the Company for providing the protections afforded to its clients or for providing advice in relation to the Fundraise, Admission or any other matters referred to in this Announcement.

No representation or warranty, express or implied, is or will be made as to, or in relation to, and no ‎responsibility or liability is or will be accepted by  Oak Securities, Canaccord or by any of  their respective ‎affiliates or their affiliates' agents, directors, officers and employees, respectively, as to, or in relation to, the accuracy or completeness of this Announcement or any other written or oral ‎information made available to or publicly available to any interested party or its advisers, and any ‎liability therefor (whether in tort, contract or otherwise) is expressly disclaimed.‎

The responsibilities of Canaccord as the Company's Nominated Adviser under the AIM Rules for Companies and the AIM Rules for Nominated Advisers are owed solely to London Stock Exchange plc and are not owed to the Company or to any director or shareholder of the Company or any other person, in respect of its decision to acquire shares in the capital of the Company in reliance on any part of this Announcement, or otherwise.

This Announcement has been issued by, and is the sole responsibility, of the Company. No representation or warranty express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by Oak Securities, Canaccord or by any of their respective affiliates or agents as to or in relation to, the accuracy or completeness of this Announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed.