Proposed Fundraise and Capital Access Window

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY PANTHEON RESOURCES PLC TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED ("MAR").

Pantheon Resources plc

Proposed Fundraise and Capital Access Window

Pantheon Resources plc (AIM: PANR) ("Pantheon" or the "Company"), the oil and gas company developing the Kodiak and Ahpun oil fields in close proximity to pipeline and transportation infrastructure on Alaska's North Slope, announces its intention to undertake a subscription and placing to raise, in aggregate, gross proceeds of approximately £5.0 million (the “Proposed Fundraise”).

The Proposed Fundraise will be conducted at an issue price of 7 pence per new ordinary share.

The Company has received strong indications of interest from existing shareholders and potential new investors to support the Proposed Fundraise including the Non-executive Chairman, Michael Spencer, who is personally intending to subscribe for £750,000.

The Proposed Fundraise will provide liquidity while the Company continues to have substantial dialogue with several parties regarding farm-in negotiations. The Proposed Fundraise will provide the Company with operating working capital until approximately early June 2027.

While the ultimate outcome of any farm-in negotiations remains uncertain, detailed analysis of the recent seismic data is expected to lead to recoverable resource upgrades in the Kodiak field. The Company has identified an optimal target area for the up-dip Kodiak appraisal well. This would also enable testing of additional upside prospects that have been illuminated by the new seismic data.

Capital Access Window

The Company has decided to utilise a Capital Access Window for the Proposed Fundraise. The Capital Access Window is a voluntary pause in trading of a company's shares permitted under the AIM Rules for Companies, designed to make it easier for companies to reach a broader range of investors during a fundraise.

Accordingly, the Company's ordinary shares will enter a Capital Access Window as at 7.30 a.m. today, Wednesday 11 November 2026, and trading in the ordinary shares will be temporarily suspended. The Company expects to announce the details of the Proposed Fundraise, in due course. The Capital Access Window will remain open until the conclusion of the Proposed Fundraise, after which trading in the ordinary shares is expected to be restored.

This announcement does not constitute an offer of securities in any jurisdiction. Further announcements will be made as and when appropriate.

Corporate Broking Partners is a trading name of CAL Investments Limited, which is Authorised and Regulated by the Financial Conduct Authority (FRN: 114008).