Pantheon Resources Plc · LSE:PANR
Pantheon Resources — Corporate Update (December 2025)
19 slides from Pantheon Resources's corporate update, Dec 22, 2025
Slide 1: Corporate Update Webinar
Corporate Update Webinar AIM:PANR | OTCQX:PTHRF 22 December 2025
Slide 2: Disclaimer
Disclaimer This document, together with any oral briefing which accompanies it, (the “Presentation”) is being issued solely by Pantheon Resources Plc (the “Company”). The Presentation is being supplied to you solely for information purposes. The Presentation does not constitute or form part of, and
Slide 3: Today's Webinar and Our Speakers
Today’s Webinar Our Speakers ✓ Introduction Max Easley Chief Executive Officer ✓ Strategic Context ✓ Dubhe-1: Plan for Completing Testing David Hobbs Executive Chairman ✓ Kodiak: Maturing in Parallel ✓ Our Path Forward Erich Krumanocker Chief Development Officer |3
Slide 4: Strategic Context
Strategic Context Q Ca PANTHEON ITEEE] 99 RESOURCES ric
Slide 5: Pantheon Strategic Advantage
Pantheon Strategic Advantage(1) Developing America’s Next Great Oilfield on the Alaskan North Slope with Billions of Barrels of Resources • Structural Advantage: 100% located on state lands, adjacent to the Trans-Alaskan Pipeline (TAPS) and Dalton Highway, reducing development timeframes, expected p
Slide 6: Pantheon's Strategy
Pantheon’s Strategy(1) Objective – recognition of c $5 per barrel of 1P/1C recoverable liquids • Resource Led Approach Contingent liquid resources1 o Kodiak represents world class scale and quality o Collection of complementary resources proximal to ZOI infrastructure (slope fan/ZOI/SMD) Ahpun Topse
Slide 7: Dubhe-1 Preliminary Results & Ahpun Outlook
Dubhe-1 Preliminary Results & Ahpun Outlook |7
Slide 8: Dubhe-1 Well
Dubhe-1 Well Appraisal Objectives & Preliminary Results Pipeline State #1 Dubhe-1 Key objectives • Progress 282 mmbbls of 2C liquid resources (CG&A) • Assess target reservoir (SMD-B) for development • Prove pipeline-quality gas for AK LNG Phase 1 Log Pay Location criteria Core • Thicker reservoir pr
Slide 9: Dubhe-1 Production (Clean Up at ~50% load recovery)
Dubhe-1 Production (Clean Up at ~50% load recovery) Good productivity, increasing gas rate and a total of ~100 barrels of oil to date Water (bpd) Reservoir Gas (Mscf/d) |9
Slide 10: Ahpun Reservoir
Ahpun Reservoir Appraisal in the South, Downdip from Previous Wells Talitha-A Pipeline State #1 Dubhe-1 Tested Oil Log Pay Core 150’ 450’ Flowed 45 bopd 565' 4.4 miles ~2 miles Illustrative image – Source: Company seismic data | 10
Slide 11: Dubhe-1 Analogues
Dubhe-1 Analogues Offset well performance in SMD-B Dubhe-1 Water Rate Alkaid-2 Re-entry (2023) Alkaid-2 Oil Cut (%) • Vertical well in the North • Small fracture stimulation • Oil arrived sharply at ~50% load recovery Alkaid-2 Talitha-A (2022) Water Rate • Vertical well in the South (same reservoir
Slide 12: Our Path Forward & Kodiak Outlook
Our Path Forward & Kodiak Outlook | 12
Slide 13: Ahpun Appraisal Plans
Ahpun Appraisal Plans(1) Financial Prudence in Completing Dubhe-1 Test • Well is strong – good completion, high rate • Oil break-through later than hoped – potential need for ~100% load recovery • Winter operations involve more cost and risk- Current operating cost ~$150k / day • Planned pressure bu
Slide 14: Kodiak Asset Overview
Kodiak Asset Overview Pantheon Analysis based in Netherland Sewell (NSAI) Report: Pantheon Mapping based on e-Seis Multivariate Analysis: Talitha A illidarc eet Theta West-1 Kodiak Tested Oil Log Pay Wet/NP NDE • Best estimate case 1,208 MMbbl of ANS Crude Contingent Resource (recoverable) and 5.4 T
Slide 15: Kodiak – Theta West-2 Appraisal Plan
Road and Pipeline Kodiak – Theta West-2 Appraisal Plan W Theta West-2 (Proposed) Theta West -1 Talitha- A Pipeline St #1 Dubhe -1 Megrez -1 E 7.7 Miles 10.5 Miles 4.4 Miles Appraisal Well Kodiak Upside Ahpun Topset ~600 MMBBLS 282 MMBBLS Additional Black Oil1 Recoverable Liquids (CG&A) Depth Below S
Slide 16: Kodiak Appraisal Programme
Kodiak Appraisal Programme • Seismic reprocessing (2026) • Reservoir engineering & petrophysics assessments • Plan for up-dip appraisal well – Theta West-2 as early as next winter • Seeking investment partner No Seismic coverage | 16
Slide 17: Our Shared Path Forward
Our Shared Path Forward q Ca PANTHEON TIEEE] 9 RESOURCES pic
Slide 18: Our Shared Path Forward
Our Shared Path Forward Advancing Ahpun appraisal Accelerating the Prize at pace for development Planning for up-dip Kodiak 2027 Final Investment Decision appraisal well to demonstrate upside extent Low CO2 Gas Experienced Management Continue to support Meaningful Alaska North Slope increasing momen
Slide 19: Question & Answer Session
Question & Answer Session | 19
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