Potential upsize of Convertible Bond to US$35m

Pantheon Resources plc ("Pantheon" or the "Company"), the AIM-quoted oil and gas exploration company with 100% working interests in certain projects located adjacent to transportation and pipeline infrastructure on the Alaska North Slope, announced on 20 February 2025 that it had agreed to issue between US$30.5 million and US$35 million in aggregate principal amount of senior convertible bonds due March 2028 (the "Convertible Bonds") to Sun Hung Kai & Co. Limited and its affiliates, clients and funds managed or advised by them (the "Convertible Bond Investor"), as the lead investor to the Convertible Bonds.

Further to that announcement Pantheon has today granted the Convertible Bond Investor the sole right to increase the aggregate amount of the Convertible Bonds to US$35 million, exercisable prior to 5pm on 28 February 2025. A further announcement will be made should the Convertible Bond Investor make this election or otherwise the sole right will be deemed to have automatically lapsed. All other terms of the Convertible Bonds as announced on 20 February 2025 remain unchanged. Any increased amount received under the Convertible Bonds will be used for working capital, expenses and G&A.

David Hobbs, Chairman of Pantheon Resources, said:

"Today's announcement shortens the period of uncertainty about the total size of the Convertible Bond and allows us to fully focus on the start of flow testing in the Megrez-1 well."