Pantheon Resources : Investor Presentation April 2024

100% working interest in two giant oil and gas fields on Alaska's North Slope, containing Recoverable 2C Contingent Resources of 1.7 billion barrels adjacent to both the Trans Alaska Pipeline System and the Dalton Highway leading to lower infrastructure costs and shorter lead times to production.

• Disclaimer

•This document, together with any oral briefing which accompanies it, (the "Presentation") is being issued solely by Pantheon Resources Plc (the "Company").

•The Presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase, subscribe for or otherwise acquire any securities of the Company or any of the business or assets described herein, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating to the securities of the Company, nor does it constitute a recommendation regarding the securities of the Company. In particular, the Presentation and the information contained in the Presentation do not constitute an offer of securities for sale in the United States.

•The Presentation is being supplied to you solely for your information. The information in the Presentation has been provided by the Company or obtained from publicly available sources. No reliance may be placed for any purposes whatsoever on the information or opinions contained in the Presentation or on its completeness.

•Certain statements, beliefs and opinions in the Presentation are forward-looking, which reflect the Company's or, as appropriate, the Company's directors' current expectations and projections about future events. By their nature, forward- looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in the Presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak only as of the date of the Presentation.

•Nothing in this document or in the documents referred to in it should be considered as a profit forecast. Past performance of the Company or its shares cannot be relied on as a guide to future performance.

•Cautionary Statement: The estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery, appraisal and development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially movable hydrocarbons. The estimates contained within this presentation are only estimates and there can be no guarantees that these estimates will be realised.

•The Company has provided the information in the Presentation, which does not purport to be comprehensive and has not been verified. No representation or warranty, express or implied, is or will be made and no responsibility or liability is or will be accepted by the Company or by any of its respective directors, officers, advisers, agents or affiliates or by any other person as to or in relation to the accuracy or completeness of the Presentation or the information or opinions contained herein or supplied herewith or any other written or oral information made available to any party and no responsibility or liability is accepted for the accuracy or sufficiency of any of the information or opinions, for any errors, omissions or mis-statements, negligent or otherwise (other than in the case of fraud), or for any other communication, written or otherwise, made to anyone in, or supplied with, the Presentation. In particular, no representation or warranty is given as to the achievement or reasonableness of any mineral resource, future projections, management estimates, prospects or returns.

•Accordingly, neither the Company nor any of its respective shareholders, directors, advisers, agents or affiliates shall be liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on any statement or omission in, or supplied with, the Presentation or in any future communications that are issued by the Company.

•The Presentation has been delivered to interested parties for information only and upon the express understanding that such information is of a general nature and does not relate to any specific transaction. The Presentation is subject to updating, revision and amendment. The information and opinions contained herein are provided as at the date of this Presentation and are subject to change without notice. The Company undertakes no obligation to provide the recipient with access to any additional information or to correct any inaccuracies or omissions which may become apparent.

•The content of the Presentation has not been approved for the purposes of section 21 of the Financial Services and Markets Act 2000 ("FSMA"). The Presentation is only being made available to the following:

• persons having professional experience in matters relating to investments and who are investment professionals as specified in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Financial Promotion Order"); and
• persons to whom Article 49(2) of the Financial Promotion Order applies, being high net worth companies, unincorporated associations, partnerships or trusts or their respective directors, officers or employees as described in Article 49 of the Financial Promotion Order.

•It is a condition of your receiving the Presentation that you fall within, and you warrant to the Company that you fall within, one of the categories of person described above. If the recipient does not fall within one of the categories above, the recipient should either return, destroy or ignore the information in the Presentation.

•If you are in any doubt about the contents of the Presentation, you should consult a person authorised by the Financial Conduct Authority who specialises in advising on securities of the kind described in the Presentation.

•Neither the Presentation, nor any copy of it, may be taken or transmitted into the United States, Canada, Australia, South Africa or Japan or into any jurisdiction where it would be unlawful to do so. Any failure to comply with this restriction may constitute a violation of relevant local securities laws.

•By attending the presentation to which this document relates or by accepting this document in any other way you agree to be bound by the foregoing provisions.

•Competent Person's statement: David Hobbs has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking to qualify as a Competent Person in accordance with the guidance note for Mining, Oil & Gas Companies issued by the London Stock Exchange in respect of AIM Companies, which outlines standards of disclosure for mineral projects. David Hobbs consents to the inclusion in this Presentation of the matters based on his information in the form and context in which it appears.

Pantheon's North Slope Fields: 2C Recoverable 1.7 Bbbls (1)

• Plus Ahpun (Eastern Topset): >600 million bbls Prospective Recoverable Resource

(3)

South

Harrison

Bay

Legend

Pantheon Leases Pantheon 3D (1043 sq mi) Pre-Brookian Units Brookian Units

State Leased Acreage State Unleased Acreage Selected Brookian Fields

Nikaitchuk

Ooogruk

NPRA

					Milne
Cassin		Qannik	Colville Pikka	Point
Bear			- Horseshoe	Kuparuk
			River
Tooth	Greater		Pikka		SM
Willow	Mooses
Tooth

Horseshoe

Tarn

Quokka

Meltwater

Kodiak

Theta West

No Data

	Northstar
	Duck
Prudhoe	Island
Liberty	Point
Bay
		Thomson

TAPS

Dalton

Alkaid 2

Megrez

Talitha Pipeline

Highway

State Lands

Badami

AhpunANWR

Pantheon Lease Position

Existing leases c.193,000 acres

2023 awards c. 66,000 acres (2)

20 Miles	N

• NSAI 2024 best estimate for Kodiak c. 1.2 Bbbls, Company estimates for Ahpun c. 480 mmbbls

• Pantheon was the successful bidder for these leases. The Company paid an initial 20% deposit to the State of Alaska with the remainder payable on official award of the new leases which is anticipated this quarter

• Upper and Lower Slope Fans, Upper Basin Floor Fan and Kuparuk contain a combination of Contingent and Prospective Resources that have not yet been evaluated

Pantheon's North Slope Field Development Assets

• Ahpun - 481 million barrels of marketable liquids

Legend

Pantheon Leases

Pantheon 3D (1043 sq mi)

Nikaitchuk

		Milne	Northstar
		Point		Duck
						Island
	Kuparuk			Prudhoe
				Liberty	Point
				Bay
							Thomson

481 mmbbls Company best estimate 2C recoverable

Alkaid 2

Theta West

Megrez

No Data	Talitha	Pipeline

TAPS

Dalton

Highway

State Lands

Badami

AhpunANWR

Pantheon Lease Position Existing leases c.193,000 acres 2023 awards c. 66,000 acres(1)

20 Miles	N

Ahpun field is defined as being all horizons above the Hue shale and below the Decker D, excluding slope fans

• Pantheon was the successful bidder for these leases. The Company paid an initial 20% deposit to the State of Alaska with the remainder payable on official award of the new leases which is anticipated this quarter

Pantheon's North Slope Field Development Assets

• Kodiak - 1,208 million barrels of marketable liquids (NSAI estimate)

South

Harrison

Bay

NPRA

Legend

Pantheon Leases

Pantheon 3D (1043 sq mi)

Pre-Brookian Units

Brookian Units

State Leased Acreage

State Unleased Acreage

Selected Brookian Fields

Ooogruk

Cassin

Bear

Tooth

1,208 mmbbls NSAI best estimate 2C recoverable

(1)	ANWR

20 Miles	N

Kodiak field is defined as being all horizons above the HRZ and below the Hue shale

• Pantheon was the successful bidder on c. 66,000 acres of new leases. The Company paid an initial 20% deposit to the State of Alaska with the remainder payable on official award of the new leases which is anticipated this quarter

Independent Expert Reports for Ahpun Field - work underway

Ahpun Field (Western Topsets) Cawley Gillespie & Associates Work underway

Ahpun Field (Alkaid Zone) Lee Keeling & Associates Expected imminently

SLB Modeling Confirms 3.7 mmbbl Expected Ultimate Recovery (EUR) per Well Type Curve

Pantheon has modelled single well level (primary recovery only) for Ahpun Topsets to confirm commerciality

Kodiak modelling (Theta West-1 and updip NW appraisal location) also yield results above commercial threshold

Company Planning Basis

• Ahpun Field Topsets - 3.5 mmbbl EUR
• Kodiak (Theta West) - 3.65 mmbbl EUR
• Kodiak Updip - 4.56 mmbbl EUR

Disclaimer

The following disclaimer applies to this report and any interpretation or deliverable provided by SLB Asset Consulting Serices (ACS)

ANY INTERPRETATION, RESEARCH, ANALYSIS, OR RECOMMENDATION FURNISHED WITH THE SERVICES OR OTHERWISE COMMUNICATED BY SLB TO CUSTOMER AT ANY TIME IN

CONNECTION WITH THE SERVICES ARE OPINIONS BASED ON INFERENCES FROM MEASUREMENTS AND EMPIRICAL RELATIONSHIPS AND ASSUMPTIONS, WHICH INFERENCES AND ASSUMPTIONS ARE NOT INFALLIBLE, AND WITH RESPECT TO WHICH PROFESSIONALS IN THE INDUSTRY MAY DIFFER. ACCORDINGLY, SLB CANNOT AND DOES NOT WARRANT THE ACCURACY, CORRECTNESS OR COMPLETENESS OF ANY SUCH INTERPRETATION OR DESCRIPTION. CUSTOMER ACKNOWLEDGES THAT IT IS ACCEPTING THE SERVICES "AS IS", THAT SLB MAKES NO REPRESENTATION

OR WARRANTY, EXPRESS OR IMPLIED, OF ANY KIND OR DESCRIPTION IN RESPECT THERETO, AND THAT SUCH SERVICES ARE DELIVERED WITH THE EXPLICIT UNDERSTANDING AND AGREEMENT THAT ANY ACTION CUSTOMER MAY TAKE BASED ON THE SERVICES RECEIVED SHALL BE AT ITS OWN RISK AND RESPONSIBILITY AND CUSTOMER SHALL HAVE NO CLAIM AGAINST SLB AS A CONSEQUENCE THEREOF. CUSTOMER CONFIRMS THAT SLB HAS MADE NO PROMISE OR STATEMENT REGARDING THE SERVICES THAT IS INCONSISTENT WITH THESE TERMS OR THE SERVICE ORDER, OR THAT HAS CREATED, OR AMOUNTED TO A WARRANTY THAT THE SERVICES WOULD CONFORM TO ANY SUCH PROMISE OR STATEMENT, AND SLB DISCLAIMS ANY AND ALL WARRANTIES REGARDING THE SAME.

For demonstration only, not intended for any other purpose

SLB-Private

Executive Summary

• The Pipeline State, SMD zone, layer-cake model (1 x 2 miles) has been built with facies, porosity, permeability, net-to-gross ratio, and water saturation, based on the information provided by GBP.
• Horizontal well with 10,000 ft lateral length is defined with frac data:
• • Frac height = 250 ft; Frac half-length = 179 ft; Frac conductivity = 165 md-ft
  • Cluster spacing = 25 ft; Cluster efficiency = 80%
• Production constraints are imposed on simulation cases:
• • Liquid rate < 5,000 STB/D; Gas rate < 10,000 MSCF/D
• Reservoir simulation with the SMD fluid, based on the sensitivity parameters, generates a range of oil, NGL*, and gas EURs:

−	Oil EUR:	1.1	~ 5.6 MMSTB	NGL EUR: 0.5 ~ 1.3 MMSTB
−	Gas EUR:	4.9	~ 13.9 BCF

→ The base case simulation gives the oil, NGL*, and gas EURs:

−	Oil EUR:	2.9 MMSTB NGL EUR: 0.8 MMSTB
−	Gas EUR:	8.0 BCF

• NGL: 95 bbl/MMCF, provided by GBP

Base Case EUR (MMSTB)

Oil	2.9
NGL	0.8

Base Case

Gas EUR (BCF)

8.0

For demonstration only, not intended for any other purpose

9

SLB-Private

Illustrative Ahpun Topset (West) and Kodiak Type Well Economics

10 Single well yields IRR >100% at all prices above $60/bbl ANS

Illustrative examples - Per well modelled economics

Ahpun Topsets EUR 3.5 mmbbls

ANS price per	NPV @ 10%	IRR
bbl	$000's
$60	$43,872	>100%
$70	$57,052	>100%
$80	$70,232	>100%
$90	$83,412	>100%

Kodiak - Theta West EUR 3.65 mmbbls

ANS price per	NPV @ 10%	IRR
bbl	$000's

$60	36,398	>100%
$70	68,226	>100%
$80	100,055	>100%
$90	131,884	>100%

Kodiak Updip EUR 4.56 mmbbls

ANS price per	NPV @ 10%	IRR
bbl	$000's

$60	48,811	>100%
$70	83,328	>100%
$80	117,845	>100%
$90	152,361	>100%

Principal assumptions and management estimates (Outturn may differ from assumptions)

• ANS prices have been discounted by 10%, No revenues for natural gas
• Combination of TAPS tariff and shipping to US West Coast estimated at $7.50/bbl
• 1 injection well for every 3 production wells
• Production wells costed at $17 million and Injection wells costed at $15 million
• Well pads and production facilities estimated at $50 million for 20 well pad
• State profits tax at 35% after payout (4% minimum tax rate prior to payout). No Federal Taxes