Operating Update, Webinar, and Total Voting Rights

Pantheon Resources plc ("Pantheon" or the "Company"), the oil and gas company developing the Kodiak and Ahpun projects located in close proximity to pipeline and transportation infrastructure on Alaska's North Slope, is pleased to advise the following:

Operating Update

Pantheon is pleased to confirm that the Nabors 105AC rig is contracted and is currently mobilising to the Dubhe-1 pad. The Dubhe-1 well is an appraisal well targeting the Ahpun Topset (previously referred to as the Shelf Margin Deltaic-B ("SMD-B") horizon as the primary target. In June 2024, the Independent Experts Report ("IER") by Cawley Gillespie & Associates ("CG&A") estimated 2C Contingent Resources for the Ahpun Topsets of 282 million barrels of Marketable Liquids (ANS Crude) and 804 billion cubic feet ("BCF") of natural gas.

Dubhe-1: Objectives

• Progress the Ahpun Topset development (CG&A estimate (10 June 2024) of 282 mmbbls 2C liquid resources and NPV10 $1.7 billion (at $80 oil))(1)
• Assess the main topset reservoir horizon (SMD-B) in order to plan optimum production laterals
• Penetrate additional potential pay zones (Lower Prince Creek, SMD-C and a Slope Fan)

The Company is planning for a potential lateral completion and long term flow test, which, if undertaken, would be intended to prove deliverability of oil and pipeline-quality associated gas. The planned oil production is the main value driver of any development while the associated gas and its value in the Alaska LNG Phase 1 Project supports the financing strategy.

The Directors believe that the Dubhe-1 well will generate important news flow over coming months as well as potentially supporting Independent Expert Report resource and valuation upgrades based on the following:

• The pre-drill prognosis indicates that the target zone at Dubhe-1 has the potential to be thicker than Pipeline State#1 and Talitha-A;
• Any confirmation of increased thickness would add to the potential drilling inventory (e.g. via "wine-racking"); and
• Expected penetration of three additional exploration targets (Lower Prince Creek, SMD-C and a Slope Fan) not included in the independent resource estimates.
• https://www.pantheonresources.com/index.php/investors/shareholder-documents/696-cg-a-certain-ahpun-west-field-properties-in-alaska-contingent-resources/file

Webinar

As previously announced, a webinar presentation and Q&A will be held on the Investor Meet Company platform at 4.30pm British Summer Time today and is open to all shareholders and other interested parties (the "Webinar"). Registration details can be accessed at: https://www.investormeetcompany.com/pantheon-resources-plc/register-investor

A copy of the investor presentation to be delivered during the Webinar will be uploaded to the Company's website at https://www.pantheonresources.com/ prior to commencement.

Total Voting Rights

Further to its announcement of 7 July 2025, the 95,796,033 New Ordinary Shares, constituting the 49,009,571 Placing Shares, the 7,290,083 Subscription Shares, the 16,976,514 2021 Bond Shares and the 22,519,865 2025 Bond Shares are expected to admit on 11 July 2025.

Capitalised terms in this announcement have the meaning given to them in the announcement of 7 July 2025.