Pantheon Resources plc provided the following update: Alkaid-2 Re-entry Update: The re-entry of the Alkaid-2 well and flow test of the Shelf Margin Deltaic B ("SMD-B") horizon is now complete at the end of the programme to frac, clean up and flow the well. The Company reported that testing operations have been successful at demonstrating producible oil from the SMD horizon in the Aphun field, which is comprised of both the shallower SMD formation and the previously tested deeper Alkaid ZOI. As previously announced,ing into the SMD data gathering programme, the Company had three clear objectives: (i) To assess the efficacy of the revised frac design; (ii) To gather representative fluid samples for pressure-volume temperature analysis ("PVT"), and; (iii) To better determine the initial reservoir pressure All three objectives have been successfully achieved: (i) Post well analysis indicates that the frac treatment resulted in vertical propagation across the entirety of the 200 ft gross (100 ft net) reservoir column and extended laterally some 300-400 ft.

The Company's preliminary estimate of the efficiency of the frac was 50% of theoretical design performance and compares favourably with the calculated frac efficiency of c.20% experienced in the Alkaid-2 operations in the deeper ZOI accumulation last year. This improvement was the result of several key changes to the frac design, which allowed the frac to remain within the reservoir and validates the ability to achieve at least the planned for 2x improvement in frac efficiency in future. (ii) Multiple fluid samples were gathered indicating a measured gas oil ratio ("GOR") of 3,000 - 4,000 standard cubic feet per barrel ("scf/bbl") and an API gravity of 35-36.

The plan targets FID (final investment decision) by the end of 2025 with first production to follow in early 2026. Estimated costs to first production are conservatively estimated at $120 million, based on: $20 million for the hot tap; $20 million for facilities upgrade (including preparing Alkaid-2 for injection service); $6 0 million for the first three production wells; $20 million for three years of corporate G&A This cost to reach first production contrasts with other developments in the region, requiring at least an order of magnitude greater expenditure. Additional development costs after first production are expected to be funded through debt or equivalent sources.

The Company will provide further updates on its financing activities, designed to minimize equity or other value dilution for existing investors, as arrangements progress.