Pantheon Resources PLC - oil and gas company focused on developing the Ahpun and Kodiak onshore oil fields in Alaska - Via rig contract, secures use of Nabors 105AC rig to drill Megrez-1 well in Ahpun. Pantheon is familiar with rig as has used it for prior drilling. Drilling expected to begin in September subsequent to construction of gravel pad along west side of Dalton Highway. Well estimated to have a 69% geological chance of success. Drilling to target topset sands in Ahpun East project area which is estimated to hold 609 million barrels of marketable liquids and 3.3 trillion cubic feet of natural gas. Notes Ahpun East topsets are significantly shallower than topsets at Ahpun West.

Further, completes fee payment for 46 new oil and gas leases acquired from the State of Alaska in December 2023. Leases are estimated at 65,691.5 acres, 30 of which are at the western boundary of the Kodiak field and 16 at the Ahpun East topset play. Leases expected to be issues in the coming weeks.

Chief Executive Jay Cheatham says: ‘With a management best estimate for the eastern topsets in Ahpun at over 1 billion barrels of oil equivalent 2U Prospective Resource to be tested by the Megrez-1 well, located immediately adjacent to pipeline and road infrastructure and in reservoirs expected to be orders of magnitudes better than western topsets, we believe this to be one of the most impactful onshore exploration well being drilled anywhere in the world during 2024. Success here would further advance our Ahpun development models and plans.’

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