Pantheon Resources : Investor Presentation June 2024

Pantheon Resources plc

Webinar - 27 June 2024

Your attention is drawn to the disclaimer at the beginning and footnotes throughout this presentation

PANTHEON RESOURCES

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 RESOURCES: SIGNIFICANT PROGRESS DURING LAST 12 MONTHS

Legend

Pantheon Leases(3)

Pantheon 3D (1043 sq mi)

West

Harrison

BayNikaitchuk

Ooogruk

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

Tarn

Quokka

Meltwater

Horseshoe Kodiak

1.2 bnbbl & 5.4 TCF gas

2C Resource (IER)(1)

NPRA

State Lands	3D Seismic Coverage

Northstar

Prudhoe

Bay

TAPS	Highway
Dalton

Duck

Island

Liberty

Ahpun East Badami

600 mmbbl & 3.3 TCF gas Conventional 2U Prospective Resource(4)

Ahpun West

361 mmbbl & 1.2 TCF gas

2C Resource (IER)(2)

20 Miles

Point

Thomson

ANWR

N

Ahpun

West: 361 mmbbls

East: 609 mmbbls

Kodiak

1.2 billion bbls

(1)	Independently certified Contingent Resources - by NSAI (9 April 2024), (2) LKA (1 May 2024) and CG&A (10 June 2024) (3) includes ~66,000 acres successfully bid for in December 2023 lease sales, subject to final lease acquisition payment;	3
(4)	Management estimate

KEY PROGRESS SINCE STRATEGY REFRESH

• 12 Month Score Card

Independent Resource Validation

2023: 76.5 mmbbl (LKA Independent Expert Report for Alkaid Discovery)

2024: 1.57 Bbbl + 6.6 Tcf (sum of NSAI, CGA & LKA IERs for Ahpun & Kodiak Fields) see slide 7

IERs for Ahpun alone attribute ~ $2 billion NPV10 Real ($5.5/bbl ANS Crude or ~ $2/share)

Acreage Position (Securing All Prospective Acreage in Kodiak & Ahpun)

2023: 193,000 acres in 2023

2024: 258,0001 acres in 2024 (including higher quality reservoirs)

Funding Strategy

2023: Prospective sale of resources requiring further appraisal investment or ~$350 million to develop appraised resources

2024: GSPA potentially reduces post FID funding requirement by up to $250 million2

Expected to cover post FID capital requirements2

Gas monetization a means to an end - funding oil project

Development Planning

2023: Short term early production from Alkaid discovery in 2023

2024: Full Ahpun development plan supported by SLB analysis - FID in 2027/28

1. includes ~66,000 acres successfully bid for in December 2023 lease sales, subject to final lease acquisition payment. 2. Company Estimate

EXPERIENCED BOARD

BOARD OF DIRECTORS

David Hobbs - Executive Chairman

Petroleum Engineer, 40 years' experience in operations and commercial management in North America and Internationally. Global energy expert & strategist (CERA & KAPSARC), Chairman Proton Green (industrial gas producer)

Jay Cheatham - Chief Executive Officer

Petroleum Engineer. 50+ years' experience. Ran family E&P business prior to joining ARCO. At time of BP's $30bn acquisition Jay headed up ARCO International (responsible for all operations outside USA). Prior to that he led ARCO exploration and production for USA (Gulf coast region)

Robert Rosenthal - Technical Director

Geologist 40+ years' experience. Founding Manager of Great Bear Petroleum. Former BP explorationist in a variety of senior roles. Expert in seismic stratigraphy and high tech geophysics. Successful track record of E&P start up companies

Justin Hondris - Director, Finance & Corp Development

Banking & financial background with over 25 years' experience including roles in investment banking & private equity with 15+ years specialising in energy

Allegra Hosford Scheirer - Non-Executive Director Chair of Conflicts Committee

Globally recognised geotechnical expert. Co-director of Basin Processes & Subsurface Basin Modelling consortium, Stanford University. Formerly USGS and WHOI (Woods Hole)

Linda Havard - Non-Executive Director Chair of Finance, Audit & Risk Committee

Retired former CFO, Gensler. Previously CFO Orrick, Herrington & Sutcliffe, EVP and CFO Playboy Enterprises, 15+ years at ARCO including as Vice President of Corporate Planning

Jeremy Brest - Non-Executive Director

Chair of Remuneration Committee

25+ years' experience banking and financial advisory. A specialist in structuring and execution of private transactions. Previously at Credit Suisse and Goldman Sachs

5

STRENGTHENED TECHNICAL MANAGEMENT

KEY MANAGEMENT

Patrick Galvin - Chief Commercial Officer / Group

General Counsel

Previously Alaska State Commissioner of Revenue, Former

Petroleum Land Manager for the Alaska Dept of Natural

Resources. Former partner at K&L Gates

Tony Beilman - Senior Vice President, Engineering

40+ years' experience drilling / completions experience. Phillips Petroleum, David Arrington Oil & Gas, Co-founder and COO of Novus Exploration/Novus Operating Company, & Co-founder and President Foreland Operating Company, experienced in Barnett, Eagleford, Marcellus shales and Midland Basin operations

Josh McIntyre - Group Financial Controller

CPA, former Senior Manager, BDO USA, and CFO Great

Bear Petroleum

ADVISERS AND TECHNICAL PARTNERS

Mario Traviati - Adviser to the Board

Previously head of Asia Energy research, Merrill Lynch. Founder Great Bear Petroleum. Previously at Woodside Petroleum

Phil Patman, Jr. - Adviser to the Board

30+ years' finance and business growth experience including Enron, Marathon Oil, Globeleq, Franklin Templeton, PTTEP, as well as CFO roles at public companies VAALCO Energy and Soluna Holdings, and privately held MacroFab

eSeis Inc. - A pioneer in the use of Seismic Petrophysics / High Tech Geophysics for the petroleum industry. Long experience in Alaska,

AHS Baker Hughes - an industry leader in volatiles analysis.

SLB (previously Schlumberger) - Globally recognised leader in static/dynamic reservoir modelling & development planning

6

TWO DISTINCT PROJECT AREAS - AHPUN & KODIAK FIELDS

> 2 BILLION BARRELS (TOTAL CONTINGENT AND PROSPECTIVE RESOURCES)

		Best	Best	Total	IER NPV	Best
Source (Support)	SPE PRMS	Estimate	Estimate	Marketable
Estimate Gas
Classification	Oil (mln.	NGL (mln.	Liquids	10% Real DCF
	(bcf)
		bbls)	bbls)	(mln. bbls)
Kodiak (NSAI - April 24)	2C	426	782	1,208		5,396
Ahpun - Alkaid (LKA - April 24)	2C	43	36	79	$0.2 - $0.5 billion	424
Ahpun - Western Topsets	2C	152	130	282	$1.74 billion	804
(CGA - June 24)
Total Discovered Resources	2C	621	948	1,569		6,624
Ahpun - Eastern Topsets(1)	2U	510	99	609		3,300
(Undiscovered Resources)
Other Discoveries (SFS, UBFF,	Contingent	Not	Not included	Not included		Not included
Kuparuk)	included
TOTAL RESOURCES		1,131	1,047	2,178		9,924
(CONTINGENT & PROSPECTIVE)
							7
(1) Company estimate - 2U Prospective Resource. NSAI = Netherland Sewell & Associates, LKA = Lee Keeling & Associates, CGA = Cawley, Gillespie & Associates

INTENDED GAS MONETISATION TO FUND THE OIL DEVELOPMENT

Gas Sales Precedent Agreement with AGDC Executed June 2024

Key commercial terms to be included in final agreement:

• Sales of ≤ 500 mmscf per day into pipeline
• Maximum $1/mmBtu indexed to inflation
• Expected 70% Take or Pay over initial 20 year plateau
• Free transport and redelivery of Helium

1. Funding capacity through potential debt backed by Take or Pay contract estimated by management at up to US$250 million1

1. Potential material capex savings - fewer gas disposal wells required

1 Based on 50% of Real NPV10 of post tax gas revenues with no capital offsets and subject to final gas sales agreement execution

Frank Richards, President of AGDC, commented on 5 June 2024:

Southcentral Alaska's energy crisis Gas shortage forecast from 2027

"This agreement solidifies the commercial foundation needed for the Phase 1 portion of Alaska LNG and provides enough pipeline-ready natural gas, at beneficial consumer rates, to resolve Southcentral Alaska's looming energy shortage as soon as 2029. Phasing Alaska LNG by leading with the construction of the pipeline will make Alaska LNG's export components more attractive to LNG developers and investors, and this agreement will help unlock the project's substantial economic, environmental, and energy security benefits for international markets as well as for Alaska. Today's announcement represents the culmination of the committed work of Pantheon and AGDC leaders and enhances the prospects of Alaska LNG in a way that benefits both the State of Alaska and Pantheon."

8

FUNDING STRATEGY TO FINANCIAL SELF-SUFFICIENCY

Key Progress:

• Reduced $350 million funding requirement to $60 - $85 million, if AGDC deal supports post FID debt funding - sufficient for post FID expenditures to cashflow and beyond(1)
• Preparation for US listing

Next Steps:

• Ongoing funding initiatives: Structured instruments, farm-out,debt-based, equity including US listing (target 2025) to ensure Company retains best possible negotiating leverage
• Beginning negotiation of potential Helium project as additional development asset

1. Company estimate

9

VALUE STAIRCASE

Capital Structure

24-Jun-24
Issued Shares		960,919,660
Share price	£	0.250
Market Cap - GBP (millions)	£	240
Market Cap - USD (millions)	$	305
Convertible debt - USD (millions)	$	24.5

Share Options/Warrants (millions)

Expiry
Sep-24	9.6
Dec-26	21.4
Jul-30	7.0
Jan-31	12.4
Total Options & Warrants (millions)	50.4
% of issued shares covered by Options & Warrants	5.2%

US Listing

FID - Alaska LNG Phase 1 (Drill Talitha B if Required)

FID - Ahpun Project

2028

Potential Implied Value Based on IERs ~ $5.00/bbl

FID - Kodiak

Project Production

from Ahpun

2024

Implied Valuation Today < $0.20/bbl

Arrange

Interim Funding $60- $85 mm

AK Gas Line FEED Starts

Drill Megrez

(Ahpun East)

Define Full

Ahpun Dev

Scope

Independent Valuation (Ahpun IERs) $80/bbl

Alkaid Zone ~ $200 - $500 million (LKA) Western Topsets ~ $1.74 billion (CGA)

Total ~ $2 billion (~ $5/bbl1 ANS Crude)

1. Denominator: Ahpun total 361 mmbbl

10