In June 2024, Pantheon entered into a Gas Sales Precedent Agreement with Alaska Gasline Development Corporation (AGDC), a state-owned entity leading the efforts for the development of the Alaska LNG Project – a proposed major infrastructure project designed to commercialize natural gas from the ANS to the global marketplace. Under the agreement, Pantheon agrees to provide up to 500 million cubic feet of gas to Southcentral Alaska through the natural gas pipeline (Phase 1) on terms that provide funding capacity to support all of Pantheon’s expected development costs after Ahpun Field Final Investment Decision. Pantheon is currently expected to serve as the sole supplier of gas for the pipeline.

Pantheon believes that material borrowing capacity supported by the agreement has the potential to be enough to achieve financial self-sufficiency for full Ahpun and Kodiak developments, and will also result in material gas disposal cost savings to Pantheon.

Pantheon’s agreement with AGDC creates an optimal alignment of interests with the State of Alaska. The objective is for Pantheon to provide lower cost gas than alternatives – a win-win benefitting Alaskan consumers faced with looming supply shortfall. Furthermore, the agreement removes reliance on LNG exports to support pipeline construction costs which enhances the overall Alaska LNG project.

At the macro level, there is large amount of momentum for the advancement of the Alaska LNG Project. Donald Trump has been a vocal advocate for the project, stating four days after his re-election in November 2024: “we will ensure the [Alaska LNG] gas line project gets built to provide affordable energy to Alaska and allies all over the world.” In January 2025, it was announced that Glenfarne would lead and fund the development of the project. In June 2025, Glenfarne reported that it had completed the first round of its strategic partner selection process, with over 50 firms formally expressing interest “for over $115 billion of contract value for various partnerships with the project”.