Pantheon Resources (PANR) Investor update summary

Strategic progress and resource development

• Independent validation increased contingent oil resources to nearly 1.6 billion barrels and gas resources to over 6.6 TCF, with significant new acreage and gas resources added in the past year.

• Total contingent and prospective resources now exceed 2 billion barrels across Ahpun and Kodiak fields.

• Secured a long-term gas supply agreement with the State of Alaska and AGDC, enabling sales of up to 500 mmscf/day and supporting up to $250 million in debt funding.

• Funding requirement to reach FID on Ahpun reduced from $350 million to $60–85 million due to the gas deal.

• Acreage expanded to nearly 260,000 acres, covering all prospective and economically accessible areas in Ahpun and Kodiak.

Funding strategy and financial management

• Funding strategy focuses on minimizing dilution, leveraging non-equity options such as offtaker financing, structured instruments, farm-out, and potential asset monetization (including helium).

• Convertible bond amortizations managed to reduce dilution, with recent payments made in equity at higher prices and shares placed with long-term holders.

• U.S. listing preparations are underway, targeting mid-next year, with Sarbanes-Oxley compliance and financial restatements in progress.

• Multiple funding options (plan B, C, D) maintained to avoid reliance on any single counterparty or market condition.

• Market cap as of June 2024 is $305 million, with 960.9 million shares issued and 5.2% covered by options/warrants.

Operational milestones and near-term catalysts

• Ahpun field expected to reach FID by 2027/28 and production by 2028, with Kodiak following by the end of the decade.

• Appraisal drilling in the eastern Ahpun Topsets and Megrez well planned, with potential for significant resource upgrades.

• AGDC and Enbridge to commence FEED for the gas pipeline within six months, supporting post-FID financing.

• Well economics show >100% rates of return and profit-to-investment ratios above two, supporting liquidity-enhancing development.

• Peak production for Ahpun (western portion) projected at 100,000 barrels/day, with overall development potentially reaching 300,000 barrels/day.