Pantheon Resources Plc announced the conclusion of drilling operations, and the commencement of preparations for stimulation and flow testing at the Alkaid #2 well. Drilling operations atthe Alkaid #2 horizontal well bore have now concluded, reaching a total measured depth of 14,300 feet ('ft') which includes a lateral length of 5,300 ft. A 5 ½ inch liner has been run, set, cemented at the bottom and tested for integrity.

Pantheon, like all companies in the oil and gas industry, is experiencing significant inflationary cost and supply chain pressures at present, and hence is extremely pleased that drilling of the lateral section was accomplished smoothly and without incident. Future production wells will have a targeted lateral length of +/- 8,000 ft. However, as this is Pantheon's first horizontal well on the North Slope, and to minimize operational risk and still deliver the production data needed to optimize development of the resource, the Company adopted a conservative approach and utilized a shorter lateral.

Analysis of the logging while drilling (LWD) and gas chromatograph readings indicate that the improved reservoir parameters encountered in the vertical pilot hole have continued or improved in the horizontal well bore. This data further confirms the accuracy of Pantheon's geological models and provides the Company with greater confidence to predict reservoir tops and bottoms. As previously announced,initial analysis indicates significant improvements in reservoir quality which has the potential to lead to upgrades of the current resource estimates for all targeted horizons. Analysis of data received to date also highlights the progression in the Company's ability to accurately predict the presence of light oil bearing reservoirs using 3D seismic data, geological and geophysical capabilities, further enhancing confidence in future drilling and development planning.

The quality of data received from the well has been extremely high and the Company will assess the flow test and other well data before making a final decision on the winter 2022/23 operations program. Future operations at Alkaid #2 involve demobilizing the Nabors Rig 105 and moving in a smaller completion rig to undertake the extended completion operations of perforating and stimulating the horizontal section approximately every 165 ft and will necessitate +/- 30 separate perforation and stimulation stages. After the completion, long term production testing will utilize a modular production kit capable of separating any oil, gas or water from the production stream before trucking this oil to a nearby production unit for sale.

As mentioned previously, Pantheon will use unconventional production techniques, applying this technology to the conventional sandstone reservoirs encountered across the entire project area.