Pantheon Resources plc shared the update on its development planning. Ahpun Development Planning: Initial dynamic modelling for 10,000 ft lateral well in the Ahpun topset horizons ("Topsets") supports Pantheon's previously released analysis of > 2 million barrels ("mmbbl") per well Estimated Ultimate Recovery ("EUR") and first year average production rate of 2,000 bpd of marketable liquids. SLB is concluding the development plan for the deeper Ahpun Alkaid Zone and will now turn to the shallower Ahpun Topsets development plan.

Pantheon's technical team has identified well pad and bottom hole locations sufficient to recover Company estimates of 481 mmbbls from the Ahpun Topsets and Alkaid Zone (best estimate contingent recoverable resources). In order to mitigate delays to financing discussions that would have resulted from Netherland, Sewell & Associates Inc.'s ("NSAI") Ahpun report only becoming available around the end of Second Quarter 2024, Pantheon commissioned Independent Expert Reports ("IER") for (the shallower) Ahpun Topsets and (the deeper) Alkaid Zone from Cawley Gillespie & Associates ("CGA") and Lee Keeling & Associates (LKA) respectively. The full reports, expected shortly, are integral to financing discussions, and will be announced to the market and posted to Pantheon's website when completed.

o Given NSAI could not commence Ahpun work until after the completion of its work on Kodiak, CGA was appointed as it could commence earlier, thereby reducing the timeline to delivery of an IER on the Ahpun Topsets by some three months. CGA has conducted reserves auditing work on existing North Slope fields and has been able to work in parallel with NSAI's evaluation of Kodiak. o LKA has previously evaluated the Alkaid Zone in the Ahpun Field and, given their existing knowledge, was able to update this work with subsequent data from Alkaid-2 in a shorter timeframe.

o NSAI will now prepare its IER on the entirety of the Ahpun Field, including any additional resources confirmed by successful appraisal of the eastern extension, prior to Final Investment Decision ("FID"). Pantheon is completing management estimates of prospective resources in the eastern extension to Ahpun Topsets covered by the new leases successfully bid for in December 2023, and accessible from western side of Sag River. Results will be released as soon as available.

Kodiak and Eastern Extension of Ahpun: Appraisal Planning Expect to receive the initial NSAI Kodiak recoverable resource update to incorporate the new acreage at or near end of First Quarter 2024 /early Second Quarter 2024. Full NSAI report will be announced to the market and posted to Pantheon's website when received. Pantheon is undertaking preparations to support winter campaigns for up to three appraisal wells in western portion of Kodiak field, subject to funding.

The Company is currently preparing drilling plans for a Megrez-1 well into eastern Ahpun Topsets from alongside Dalton Highway using either an ice pad for winter drilling or rig mats for summer drilling, again subject to funding.