8 October 2025

Pantheon Resources plc

Dubhe-1 Operational Update - Successful Completion of Fracture Stimulation Operations

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

Key Points

·      25 hydraulic fracture stimulation stages successfully completed in 8 days

·      Operations are now underway to prepare well for clean-up and production testing

Completion Details

As previously announced, the Dubhe-1 lateral was successfully drilled to a total measured depth ("MD") of 15,800 feet ("ft"), logged and cased back to surface providing c. 5,200 ft of the wellbore entirely within the SMD-B target reservoir available for stimulation.

Operations commenced on 30 September 2025 with equipment and personnel being mobilised from Alaska, Canada and the US Lower 48 states. The stimulation consisted of 25 individual "plug and perforate" stages of approximately 200 ft each. The programme proceeded in line with expectation with full placement of both water and sand. There were no spills or safety incidents of any kind during this operation. This represents an excellent result given Pantheon's limited prior experience treating this specific reservoir and utilising a full set of new contractors, including some that had not previously worked in Alaska. 

Over the coming weeks, the plugs set in the wellbore to separate the fracture simulation stages will be drilled out with coiled tubing, and 2-7/8 inch production tubing will be installed. The well will then be connected to a temporary well testing system for the commencement of flow testing operations. The Company expects to release further information, in line with its regulatory requirements, as the programme proceeds.

Erich Krumanocker, Chief Development Officer, said: "We are extremely pleased with the success of the operations so far. The team did an excellent job executing this large and intricate operation safely and efficiently. The stimulation was performed as planned, increasing our confidence in achieving the objectives of the forthcoming flow testing programme."

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 of 79 mmbbl of ANS crude and 424 bcf natural gas.

For more information visit www.pantheonresources.com.