Placing to raise $10 Million

Pantheon Resources plc ("Pantheon" or the "Company"), the oil and gas company developing the Kodiak and Ahpun projects near pipeline and transportation infrastructure on Alaska's North Slope, is pleased to announce that it has raised $10 million of new capital (before expenses) by way of a conditional placing (the "Fundraise") of new Ordinary Shares at a price of 7.0 pence per share (the "Issue Price") to support near-term appraisal activities across the Ahpun and Kodiak projects and for general working capital.

The proceeds help underpin the Company's plans for the Dubhe-1 testing which include the acquisition and analysis of new and existing well data, preparing procedures for a cost effective and productivity enhancing start-up leading to resumption of the flow testing programme.

Resumption of Dubhe-1 testing represents an important step towards the commercialisation of an estimated ~282 million barrel liquid contingent (2C) resource(1) in the Shelf Margin Deltaic reservoir, and ultimately, the overall greater than 500 million barrel contingent (2C) resource(2) in the Greater Ahpun Area. It would also underpin the gas offtake precedent agreement with the State of Alaska.

In addition, remaining proceeds will be allocated to reprocessing existing Kodiak seismic data to deliver higher-quality reservoir imaging, supporting the potential for drilling of an appraisal well possibly as early as the 2026/27 winter season and subject to further financing. The Kodiak resource, currently assessed by third party independent experts(3) at 1.2 billion barrels of contingent (2C) recoverable liquids, with substantial upside potential to 2.8 billion barrels (3C), has already attracted industry interest. There are currently several parties in farm-out discussions with the Company, and the reprocessed seismic is expected to further strengthen the Company's position in any such farm-out discussions.

• Source: Ahpun Topset Independent Expert Report from Cawley, Gillespie & Associates, Inc. ("CG&A") (see Company announcement 11 June 2024)
• Source: CG&A Estimate plus Management Ahpun Resource Updates (see Company announcement 8 September 2025)
• Source: Kodiak Independent Expert Report from Netherland Sewell & Associates, Inc. (see Company announcement 9 April 2024)

The placing (the "Placing") of 106,209,678 new Ordinary Shares (the "Placing Shares" or "New Ordinary Shares") has been conducted by Oak Securities as sole bookrunner ("Oak Securities" or the "Bookrunner").

The New Ordinary Shares, when issued, will all be credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares, including the right to receive all dividends and other distributions declared, made or paid on or in respect of such shares after the date of issue.

Application will be made to London Stock Exchange plc for admission of the 106,209,678 New Ordinary Shares to trading on AIM ("Admission") and it is expected that Admission will take place at 8.00 ‎a.m. (London time) on or around 22 January 2026 (or such later time and/or date as may be agreed between the ‎Company and the Bookrunner, being not later than 8.00 ‎a.m. (London time) on 30 January 2026). The Fundraise is conditional upon, inter alia, Admission ‎becoming effective and the Placing Agreement not otherwise being ‎terminated in accordance with its terms.

Max Easley, Chief Executive Officer, said: "Today's financing further enables our forward programme at Dubhe-1. Prior to the suspension of testing in December the well was exhibiting increased gas production volumes, and we are very keen to recommence operations after pressure build-up and other analysis has been completed. Completion of the testing programme will determine the next steps for the development of the Ahpun asset and will potentially unlock significant value for the Company.

"In addition, upgrading the seismic over the Kodiak structure now may significantly strengthen our position in ongoing farm-out discussions.

"We look forward to updating shareholders on both fronts in the coming weeks."

• the Placing Agreement becoming unconditional in all respects (save for Admission occurring) and not having been terminated in accordance with its terms;
• Admission becoming effective by no later than 8.00 a.m. on 22 January 2026 (or such later time and/or date as the Company and Bookrunner may agree (being not later than 8.00 a.m. on 30 January 2026).

Accordingly, if such conditions are not satisfied or, if applicable, waived, or the Placing Agreement is terminated the Fundraise will not proceed.

The Fundraise is not underwritten by Oak Securities or any other person.

Settlement and dealings

The New Ordinary Shares will be in registered form and will be capable of being held in either certificated or uncertificated form (i.e. in CREST). Accordingly, following Admission, settlement of transactions in the Ordinary Shares may take place within the CREST system if a Shareholder so wishes.

The ISIN number of the New Ordinary Shares is GB00B125SX82. The TIDM is PANR.

Total Voting Rights

Immediately following Admission, the Company's issued share capital will be 1,454,327,311 Ordinary Shares, with each share carrying the right to one vote. The Company does not hold any Ordinary Shares in treasury. The total voting rights figure immediately following Admission of 1,454,327,311 may be used by shareholders (and others with notification obligations) as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure Guidance and Transparency Rules.

Working Capital

Based on the use of funds set out above, the Company expects that the Fundraise, together with existing cash resources, will provide sufficient working capital for the Group until Q4 2026.

Risk Factors

Any investment in the Company is subject to a number of material risks and uncertainties. Accordingly, prospective investors should carefully consider the material operational, engineering, geological, commodity price, political, financing, liquidity, foreign exchange, resource estimation and other risks of investing in an AIM-quoted company operating in the natural resources sector, other information contained in this Announcement and any other publicly available information about the Company before making a decision whether to invest in the Company.

Before making an investment, prospective investors are strongly advised to consult an investment adviser authorised under the Financial Services and Markets Act 2000, as amended ("FSMA") who specialises in investments of this kind. A prospective investor should consider carefully whether an investment in the Company is suitable in the light of his or her personal circumstances, the financial resources available to him or her and his or her ability to bear any loss which might result from such investment.