Spudding of Dubhe-1 well

Pantheon Resources plc (AIM:PANR, OTCQX: PTHRF) ("Pantheon" or the "Company"), an oil and gas company developing the Kodiak and Ahpun oil fields in close proximity to pipeline and transportation infrastructure on Alaska's North Slope, is pleased to announce the spudding of the Dubhe-1 well to appraise the topsets in the Ahpun field, immediately adjacent to pipeline and road infrastructure.

Dubhe-1 will target the topset horizon (SMD-B) as the primary target, appraising an already discovered resource. The well is also designed to encounter three additional exploration horizons (Prince Creek, SMD-C and the Slope Fan System), none of which have any resource estimate attributed to them at the present time, but offer additional upside potential if successful.

An Independent Expert Report completed by Cawley Gillespie & Associates ("CGA") in June 2024 estimates the primary target to contain a 2C Contingent Resource of 282 million barrels of ANS Crude (oil, condensate & NGLs) and 804 billion cubic feet of natural gas. Based on an ANS Crude price at the time of the report of $80 per barrel delivered to the US West Coast, CGA estimated the net present value of the total contingent resources in the western topsets in the Ahpun field (using a real discount rate of 10%) at $1.74 billion.

Initial results from the well will be announced when drilling operations are complete.

Pantheon contracted the Nabors 105AC rig, which the Company is familiar with having used it in previous drilling campaigns, to drill the Dubhe-1 well. Construction of the gravel pad next to the Dalton Highway was completed in June 2025, and the pad can be used year-round to support future drilling and development activities.

Max Easley, CEO of Pantheon Resources plc, said:

"Assuming initial appraisal success at Dubhe-1, it will then allow us move forward into a test phase with the ultimate goal of accurately demonstrating a production type curve which would in turn underpin the planned Ahpun full field development, whilst at the same time supporting the natural gas volumes required for the proposed long term gas supply contract into the proposed Alaska natural gas pipeline (Alaska LNG - Phase 1).

"Dubhe-1 is an appraisal well, appraising an already discovered resource. Oil has been confirmed in multiple well penetrations of this horizon in the area, and as such has a significantly lower risk profile than the Megrez-1 well which was an exploration well. I look forward to reporting on progress once drilling is complete."