Ahpun is categorized into 3 project areas:

1. Ahpun - Western Topsets

Located immediately to the West of the Dalton Highway, the Independent Experts at Cawley Gillespie & Associates (“CGA”) have estimated a 2C Contingent Recoverable Resources in the Ahpun – Western Topset horizons as follows:

 

Gross Quantities
(100% WI)
Oil -mmbbl 152.48
NGL - mmbbl 129.58
Total of Oil and NGL - mmbbl 282.06
Gas - bcf 803.85

2. Ahpun - Alkaid

The smallest of Pantheon’s project areas, the Alkaid Zone is similarly located immediately west of the Dalton Highway, however in a deeper geological setting. The independent experts at Lee Keeling & Associates have estimated a 2C Contingent Recoverable Resources in the Ahpun – Alkaid project areas as follows:

Base Case

Estimated Remaining Gross Reserves / Resources
Classification Oil
(MBBLS)		 Wellhead
Gas
(MMCF)		 NGL
(MBBLS)
Possible
Reserves		 2,800 27,389 2,328
Contingent
Resources		 40,501 396,183 33,676
Total
Resources		 43,300 423,572 36,004

3. Ahpun – Eastern Topsets

Megrez-1 targeted horizons immediately east of the Dalton Highway. Pantheon spudded the well in November 2024 and undertook a flow test programme during spring of 2025. No appreciable mobile oil was produced from the test intervals, and as a result, the Company’s guidance is that no recoverable oil resource should be attributed to the horizons penetrated by Megrez-1. 

The results of the Megrez-1 exploration well have no bearing on the already discovered 1.57 billion barrels of marketable liquids (ANS Crude) and 6.6 Trillion Cubic Feet of natural gas independently certified resources on the Company's Ahpun and Kodiak projects.