History

Pantheon Resources was listed in 2006 as an independent UK based oil and gas exploration company focused on hydrocarbon producing basins located onshore USA – a region of low sovereign risk, abundant infrastructure and established oil and gas markets. The Company was admitted to the AIM segment of the London Stock Exchange on 5 April 2006.

In 2019, the Group acquired 100% of the oil assets of Great Bear Petroleum, a private company which had spent over a decade building a significant portfolio of high quality, high potential properties on the Alaska North Slope, which Pantheon strongly believed offered enormous size and scale in a world class setting. Over $200 million had been invested in the project at that time, providing a comprehensive understanding of the subsurface through a proprietary dataset. This figure is over $350 million in investment to date.

As a result of the Great Bear Petroleum acquisition and recent successful drilling, Pantheon now has a host of discovered resources that it has continued to mature as the Company has transitioned from what was an early stage speculative exploration company, into an appraisal company with an intention of becoming a development and production company after FID is reached on its Ahpun project which is targeted for late 2025. Over the years, Pantheon has used its proprietary data set to carefully and strategically build and optimise its acreage position across the ANS where it now owns 100% working interest across 193,000 contiguous acres covering the Kodiak and Ahpun projects and is the Operator. Recent drilling and testing in the Ahpun field via the Alkaid-2 vertical pilot well and the 5,000 ft lateral leg was production tested and confirmed the commercial potential of the Ahpun oil field. Pantheon’s analysis yields a contingent resource estimate of some 500 million barrels of recoverable marketable liquids at Ahpun. The Alkaid-2 flow test was Pantheon’s first long term production and like many first wells in new play types, there is a lot of learning. Alkaid-2 demonstrated the productive potential of the reservoir with Initial Production during its first 30 days (IP30) of over 500 barrels per day of marketable liquid hydrocarbons (oil, condensate and NGL) with an Estimate of Ultimate Recovery (EUR) of 260,000 barrels. After extensive analysis of the Alkaid-2 results, Pantheon believes that future wells that are better positioned with optimised completion techniques, in particular improved frac design, the Company believes has the potential to increase EUR by up to 400% and daily production by up to 300%. This is based upon a doubling of the length of the lateral section of the Alkaid-2 test well from 5,000 to 10,000 ft (as would be the intention for development wells) and an improvement in the frac efficiency from the c.20% achieved at Alkaid-2 to a minimum of 40% efficiency in development wells, which the Company believes is achievable. The Company will assess the first iteration of frac design improvement in the test of the SMD horizon at Alkaid-2 in October 2023. If successful, such wells would represent a highly attractive commercial development.

In August 2023, Netherland, Sewell & Associates delivered an Independent Expert Report estimating contingent recoverable resources in the Kodiak field detailed below:

Kodiak Field: Gross 100% Working Interest Contingent Recoverable Resources

* Pantheon addition of Oil & NGLs