Pantheon Resources Plc provided the following operational update: The Company reported that the completion and stimulation phase at Alkaid #2 has concluded, and a production packer has been set. Completion equipment is currently being demobilized and preparations are underway for flow testing. The Company will shortly commence commissioning its facilities which were recently increased in capacity in order to handle potential additional production.

A workover rig is estimated to arrive to location over the next week to ten days to install production tubing prior to commencing flow testing operations. A significant amount of fluid was introduced into the well during stimulation procedures which will return first during the 'clean-up phase', prior to the subsequent commencement of oil production later in October, if successful. Flow Testing at Alkaid #2: In preparation for flow testing, Pantheon has applied to the Alaska Oil and Gas Conservation Commission ("AOGCC") for a long-term pilot production test with a hearing set for 27th October to consider gas flaring at the Alkaid #2 well.

This hearing is part of the normal process for a long-term pilot production test as the AOGCC must determine when the project is considered to transition from testing a new formation to entering regular production. AOGCC regulations state that gas flaring is permitted during testing but must be limited during regular production operations. The hearing is not anticipated to delay or curtail planned testing operations.

The purpose of the long-term pilot production test of the Alkaid interval is to gather data necessary to understand the characteristics of production from that reservoir. This includes determining the initial production rate, the production decline curve and the Gas to Oil Ratio. This information will then be used to model the potential commerciality of the project, optimize design of production facilities for long-term production, determine the amount of associated gas produced with the oil and identify the most efficient uses for that gas.

The hearing will allow the AOGCC commissioners to gather information about the project to determine the length of the testing program and thus when the project should be considered to be in regular production.