Pantheon Resources plc（AIM：PANR）（OTCQX：PTHRF）（简称“Pantheon”或“公司”）是一家在阿拉斯加北坡开发科迪亚克（Kodiak）和阿蓬（Ahpun）油田的石油和天然气公司，其董事长大卫·霍布斯（David Hobbs）向股东发布了一封信函。

尊敬的各位股东：
值此2026年伊始，我谨代表公司感谢各位股东的持续支持，回顾过去一年取得的里程碑式成就，并展望未来一年的发展方向。在2025年，我们继续致力于开发我们认为位于阿拉斯加北坡的下一个美国大型油田，该油田拥有数十亿桶的资源储量。我们加快了评估工作，并引入了新的领导团队和资金，以引领公司前进。

在这一年中，我们开展了Dubhe-1开发示范项目，旨在推进一条高效的商业化路径。尽管Dubhe-1尚未达到预期的产量目标，但该井已生成了宝贵的技术数据，并证实了可移动油气的存在。鉴于冬季运营成本较高，且我们注重审慎的资本配置，我们决定暂停测试。这一决定体现了我们审慎的财务管理，而非对该资产信心的减弱。得益于年内筹集的资金，Pantheon 以稳健的财务状况进入 2026 年，并具备在春季恢复测试、评估其他干预措施以及将所获经验应用于未来开发规划和转让谈判的灵活性。Dubhe-1 项目的经验直接支持我们继续推进 Kodiak 项目，该项目仍然是我们投资组合的基石，也是长期股东价值的主要驱动力。值得一提的是，Pantheon 拥有独特的优势，其资产 100% 位于州属土地上，毗邻跨阿拉斯加输油管道 (TAPS) 和道尔顿公路，这缩短了开发周期，降低了成本，且预计不会产生任何环境问题。我们拥有涵盖25.8万英亩土地的100%作业权益的高影响力石油项目组合，目前持有经独立认证的最佳估算可采资源量，总计约16亿桶阿拉斯加北坡原油和6.6万亿立方英尺伴生气。我们仍然相信，我们有能力开发位于阿拉斯加北坡的高影响力美国石油项目。

我们于2023年制定的商业战略以资源为导向，并严格控制资本，旨在实现可持续的市场认可，使经独立认证的1P和1C可采液体价格超过每桶5美元。Kodiak油田是世界级资产，是投资组合的核心；而Ahpun油田和其他已发现的资源由于靠近现有道路和管道，提供了更近期的开发选择。这种基础设施优势显著降低了开发成本和时间，使开发活动能够以分阶段、高效的方式从现有基础设施向西推进。我们计划优先考虑能够产生早期自由现金流的项目，以支持自筹资金的增长，在推进Kodiak油田全面开发的同时，最大限度地减少股东权益稀释。

领导团队的演变：
今年早些时候，我们任命Max Easley为首席执行官。他曾在BP、Apache和PETRONAS等公司担任要职，拥有数十年的油气行业评估和开发经验，尤其在阿拉斯加北坡地区拥有丰富的经验。董事会的任务是评估资产质量，以期加快开发进程，从而最大限度地提高股东价值。

我们还迎来了Tralisa Maraj担任首席财务官，以及Erich Krumanocker担任首席开发官。Tralisa拥有超过25年的丰富经验，曾担任两家上市公司的首席财务官，成功领导了Pantheon的财务团队并完成了近期的融资。Erich拥有超过25年的全球经验，在多个大洲大规模推动开发、运营和项目执行方面经验丰富。

此外，Marty Rutherford也加入了我们，担任董事会成员。她拥有超过40年的政策制定经验，尤其是在阿拉斯加州自然资源部管理阿拉斯加丰富资源方面的经验，这将使我们受益匪浅。Dubhe

-1井运营更新：
过去12个月，公司采取措施调整管理团队，以应对更详细的油藏评估和开发规划带来的挑战。为此，公司决定通过这口开发示范井对南部的Ahpun油藏进行流量测试，以验证2023年战略中基本假设的有效性。这一点至关重要，因为阿蓬油田是我们2023年战略的关键推动者，它已在北部的Alkaid-2油田成功进行了石油测试。此外，在1号管道和Talitha-A油田也已探明并测井了油气层，这些油田均位于关键基础设施附近。阿蓬油田具有通过产生自由现金流，为科迪亚克油田和其他已发现资源实现高效资本开发和未来融资的潜力。

选择Dubhe-1井的具体位置是为了兼顾从永久地面井位到达该井的便利性以及测试油藏的横向连续性。目标层段（SMD-B）已被多次钻探，并在水平井之前钻探了一个导向孔，以确保测井数据中存在含油层。与之前的井相比，Dubhe-1井的钻探显著提高了作业质量，且资本效率更高。

该井已清理近两个月，期间产出约10万桶水、2000万立方英尺天然气和100桶原油。在增产作业期间，向井中注入了约20万桶增产液，因此迄今为止已回收约50%。目前的结果表明，井内水饱和度高于历史和近期评估结果所显示的水平，且/或流动性更强。现在判断这是否是增产作业期间注入的水所致，还是反映了储层本身的状况，还为时尚早。可能需要更长的返排期、额外的干预措施和分析，才能更好地了解储层机制。目前

尚无与该储层裂缝采用多段增产作业类似的区域性案例。但根据与业内同行的多次磋商，我们认为存在多种可能性，并且世界各地其他与我们类型类似的常规油藏正在进行商业开发，这些油藏在达到商业产油量之前，其注入的增产液回收率可能高达100%，甚至更高。虽然Alkaid-2井的SMD-B层在回收约50%的注入增产液后开始产油，但即使在同一油藏层段，不同井的回收率也可能存在很大差异。可以肯定的是，该油藏中存在可移动的油气。Dubhe-1井目前仅回收了约50%的增产液，根据上述类似案例，我们认为在确定该井的商业价值之前，还需要进行进一步的清理工作。

我们认为，最审慎的财务做法是暂停测试，以便完成计划中的压力恢复测试和其他油藏诊断工作。同时，我们将重新评估运营成本，因为冬季返排作业目前每天的成本约为15万美元。鉴于此，我们将继续评估从Dubhe-1井收集的数据，包括岩心分析，并制定测试计划、可能的干预措施以及春季重启生产的计划，届时我们将确保采取更具成本效益的方案。我们将对Kodiak油田进行平行分析，并制定评估方案，以加快进展，无论该井的最终结果如何。

尽管目前的结果尚不完全确定，但持续的分析将有助于我们完善战略，强化商业化进程，并巩固我们优先考虑资本效率和技术严谨性以实现股东回报最大化的方针。这包括优化增产措施、人工举升技术以及其他诸多因素。我们将在此基础上，制定清晰的路径，最大限度地发挥资产基础的内在价值，并确保成本控制到位，与我们的业务活动相匹配。鉴于以上所有因素，我们期待在冬季过后恢复生产测试，并将及时向股东汇报进展情况。

未来几个月，新的管理团队将对2023年战略进行测试和调整，其中包括更新油藏和开发前景。

科迪亚克——世界级油气田。
我们的科迪亚克项目占地约17万英亩，部分位于阿蓬油田下方，紧邻其西侧。该油田由一个巨大的盆地扇形体构成，伍德麦肯兹公司在2023年3月将其描述为“2022年全球第四大发现井”，也是最大的陆上油田。随后，他们将其列为21世纪20大石油发现之一。贝克休斯公司在2022年夏季将其称为“世界级石油系统”。

我们在科迪亚克油田区域内相距约10英里的塔利萨井和西塔西井均已成功生产液态烃。在已钻探区域的西北部，储量仍有很大的提升空间，并且根据区域趋势，油藏质量在向上倾斜的位置也可能得到改善。独立专家 Netherland, Sewell and Associates 对液态烃探明资源量的最佳估算为 12.08 亿桶，另有约 6 亿桶石油的潜在储量。重新处理地震数据将有助于我们更精确地确定油藏顶部和底部，预测租赁区边缘的内部结构，并更好地展现这一潜在储量。为此，我们将开始规划一口评价井，最早可能在明年冬季进行，并评估可能出现的潜在合作机会。

我们坚信 Kodiak 油田是一项世界级资产，也是我们投资组合的核心。它地理位置优越，将受益于周边的基础设施。在评估 Kodiak 油田开发中最具资本效率和自由现金流的路径时，我们认识到，加快开发将有可能为股东创造巨大的价值，并为未来几十年的可持续现金流奠定基础。

资本资源概览：
如前所述，我们一直在为在美国交易所上市做准备，如果上市被认为是股东筹集开发资金的最佳途径。为控制支出，相关活动仅限于重新审查公司财务报表，确认避免税务漏洞的最佳架构，并设计无论是否推进美国上市都能保障投资者利益的内部控制措施。尽管未来仍有上市的可能性，但这项工作目前仍处于暂停状态，直至市场条件允许为止。

随着我们告别2025年并着手筹备上文所述的2026年各项活动，我们相信，积极主动的财务管理已使我们受益匪浅。截至2025年12月21日，未经审计的现金、现金等价物和定期存款总额为2720万美元，该金额未计入与Dubhe-1项目相关的剩余支出。这些支出均已在预期之内，并已完全纳入我们的资本规划假设。在完成结算后，公司将继续审慎管理流动性，以确保资金的灵活性，从而支持技术工作和优先资产的推进。

展望未来，我们将优先通过向投资伙伴外包的方式来为未来的资本项目融资，以限制股权稀释，并为我们庞大的资产组合增加资金和能力资源。

展望未来及结语
展望未来，我们仍然对自身资产基础的内在价值充满信心，该资产基础代表着阿拉斯加北坡最大的未开发石油资源之一。根据我们由 Netherland Sewell & Associates, Inc. 出具的最新 2024 年独立专家报告，Kodiak 油田的潜在可采资源量最佳估计为 12 亿桶可销售液体和 5.4 万亿立方英尺天然气。我们正重新聚焦 Kodiak 油田，并制定了一项并行分析和评估计划以加快进展——所有这些工作都将与对 Ahpun 油田数据的进一步测试和分析同步进行。

我们感谢各位股东的支持，也感谢各位员工为推进我们的开发工作所做出的贡献。我们的年度报告和财务报表将于本月发布，年度股东大会将于2026年第一季度举行。我们期待在未来一年与大家分享更多最新进展，我们将继续努力为股东、员工和社区创造价值。感谢各位对我们使命的奉献。

此致，
大卫·霍布斯
董事长

Pantheon Resources plc (AIM:PANR) (OTCQX:PTHRF) ("Pantheon" or the "Company"), the oil and gas company developing the Kodiak and Ahpun oil fields near pipeline and transportation infrastructure on Alaska's North Slope, issued a letter to shareholders from Pantheon Chairman David Hobbs.

Dear Shareholders,
As we move into 2026, I would like to thank our shareholders for their continued support, provide a recap of the milestones achieved, and discuss where we are headed in the year to come. Throughout 2025 we continued our work developing what we believe is America's next great oilfield on the Alaska North Slope with billions of barrels of resources, including accelerated appraisal efforts, and new leadership and capital to lead us forward.

During the year, we undertook the Dubhe-1 development demonstration to advance a capital efficient path toward commercialisation. While Dubhe-1 has not yet delivered the production outcome sought, the well generated valuable technical data and confirmed the presence of mobile hydrocarbons. Given the cost profile of winter operations and our focus on disciplined capital allocation, we have elected to pause testing at this time, a decision reflecting prudent financial management rather than diminished confidence in the asset. Supported by the capital raised during the year, Pantheon enters 2026 in a strong financial position, with flexibility to resume testing in the spring, assess additional interventions, and apply the insights gained to future development planning and farm-out discussions. The learnings from Dubhe-1 directly support our continued focus on advancing Kodiak, which remains the cornerstone of our portfolio and the primary driver of long-term shareholder value. As a reminder, Pantheon is leveraging distinct advantages with assets that are 100% located on state lands, adjacent to the Trans-Alaskan Pipeline (TAPS) and Dalton Highway, reducing development timeframe and cost with no expected environmental concerns. With a portfolio of high-impact oil projects spanning a 100% working interest across 258,000 acres, we currently hold independently certified best estimate contingent recoverable resources that currently total c. 1.6 billion barrels of ANS crude and 6.6 Tcf of associated natural gas across our properties. We continue to believe we are well positioned to develop our high impact U.S. oil projects on the Alaska North Slope.

Our commercial strategy established in 2023 was resource led and capital disciplined, focused on achieving sustainable market recognition exceeding $5 per barrel of independently certified 1P and 1C recoverable liquids. Kodiak represents a world class asset that anchors the portfolio, while Ahpun and other discovered resources provide nearer term development optionality due to their proximity to existing roads and pipelines. This infrastructure advantage materially reduces development costs and timelines, allowing activity to progress westward from existing infrastructure in a phased, capital efficient manner. We intend to prioritise projects capable of generating early free cash flow to support self-funded growth, minimising shareholder dilution while advancing Kodiak toward full development.

Evolving Leadership Team
Earlier this year we appointed Max Easley as Chief Executive Officer, bringing decades of appraisal and development experience in the oil and gas industry from firms such as BP, Apache and PETRONAS, with specific experience on Alaska's North Slope. The mandate from the Board was to assess the quality of the assets with a view toward acceleration of development to maximise shareholder value.

We also welcomed Tralisa Maraj as Chief Financial Officer and Erich Krumanocker as Chief Development Officer. Tralisa has successfully led Pantheon's Finance team and recent financings with her more than 25 years of experience, including having previously been the CFO of two publicly listed companies. Erich has brought with him over 25 years of global experience in driving development, operations and project execution at scale across multiple continents.

Finally, Marty Rutherford joined us as a member of the Board of Directors, and we are benefiting from her more than 40 years of experience in policy roles, particularly her time in the State of Alaksa Department of Natural Resources shepherding Alaska's vast resources.

Dubhe-1 Operational Update
During the past 12 months, the Company took steps to re-align the management team to meet the challenges of more detailed reservoir appraisal and development planning. This effort led to the decision to flow test the Ahpun reservoir in the South via this development demonstration well to determine the validity of foundational assumptions in the 2023 strategy. This is important because Ahpun is the key enabler in our 2023 strategy having successfully tested oil at Alkaid-2 in the North. Furthermore, hydrocarbon pay has been penetrated and logged at Pipeline State #1 and Talitha-A, all being located near key infrastructure. Ahpun has the potential for a capital efficient development and forward financing via free cash flow generation for Kodiak and other discovered resources.

The specific location of Dubhe-1 was chosen to balance the ability to reach it from a permanent surface location and test the lateral continuity of the reservoir. The targeted interval (SMD-B) had been penetrated multiple times and a pilot hole was drilled in advance of the lateral to ensure logged oil pay was present. The execution of Dubhe-1 represented a significant improvement in operating quality in a more capital efficient manner than previous wells.

The well has now been cleaning up for nearly two months, during which time approximately 100,000 barrels of water, 20 million cubic feet of gas and 100 barrels of oil have been produced. ~200,000 barrels of stimulation fluids were injected into the well during the stimulation procedures, so ~50% has been recovered to date. The results to date suggest higher and/or more mobile water saturations than indicated in the historical and recent appraisal efforts. It is still too early to know whether this may be the result of the water introduced during the stimulation or be indicative of reservoir conditions. A longer flowback period, additional interventions and analyses may be required to better understand the reservoir mechanisms.

There are no specific regional analogs for this reservoir fracture stimulated with a multitude of stages. But based on a number of consultation with industry peers, there is a wide range of possibilities and there are other conventional reservoirs of our type being commercially developed around the world that we believe have produced up to 100% of the injected stimulation fluids, and even beyond, prior to commercial quantities of oil. Whilst the SMD-B horizon at Alkaid-2 began to produce oil when approximately 50% of the injected stimulation fluids had been recovered, this outcome can vary widely amongst wells even in the same reservoir interval. What is clear is that we have mobile hydrocarbons in this reservoir. Dubhe-1 has still recovered only ~50% of the stimulation fluids so far and based on analogs above we believe further cleanup is required before we can determine the commerciality of the well.

We believe the most financially prudent course of action is to pause testing in order to complete a planned pressure build-up test and other reservoir diagnostics on the well. In the meantime, we will reassess our operating cost base as winter flowback operations currently cost ~$150,000 per day. Given this, we will continue to evaluate data gathered from Dubhe-1 including analysis of the core and plan for testing and possible interventions and production re-start in the spring when we can ensure a more cost-effective way forward. Parallel analysis of the Kodiak field will be undertaken and an appraisal programme developed to accelerate progress irrespective of any outcome on this well.

While the results to date are not yet conclusive, ongoing analysis will help refine our strategy and strengthen our path to commercialisation, as well as confirm our approach of prioritising capital efficiency and technical rigor to maximise shareholder returns. This includes optimisation of stimulation, artificial lift techniques and a multitude of other factors. We will build upon this and develop a clear pathway to maximise the value implicit in our asset base and ensure cost controls are in place, aligned to our activity set. Given all the factors above, we look forward to resuming production testing after the winter and will keep shareholders appraised of progress.

In coming months, the 2023 strategy will be tested and re-shaped by the new management team, inclusive of an updated reservoir and development outlook.

Kodiak - A World Class Oil & Gas Field
Our Kodiak project covers approximately 170,000 acres, partially underlying and immediately to the west of Ahpun. The field consists of a giant basin floor fan and was described by Wood Mackenzie in March 2023 as "the fourth biggest discovery well globally in 2022" and largest onshore. They have subsequently listed it as one of the top 20 oil discoveries of the 21st century. AHS Baker Hughes labelled it "a world class petroleum system" in summer of 2022.

We have successfully produced liquid hydrocarbons at both Talitha and Theta West located some 10 miles apart within the Kodiak acreage. There is significant volume upside to the Northwest of the area already penetrated, and based on regional trends, the quality of the reservoir is likely to improve in an updip location as well. Independent experts Netherland, Sewell and Associates' best estimate for liquid hydrocarbon contingent resources is 1,208 million barrels, with an additional upside of ~600 million barrels of oil. Reprocessing of our seismic data will allow us to better define the top and base of the reservoir and predict internal architecture towards the edge of our leases and better image this upside potential. As part of this, we will begin planning for an appraisal well, possibly as early as next winter, and evaluating potential farm-out opportunities as they may arise.

We firmly believe that Kodiak is a world-class asset and is the centerpiece in our portfolio. It is also in an excellent location that will benefit from the infrastructure nearby. As we evaluate the most capital efficient and free cash flow generating path toward Kodiak development, we recognise that acceleration of its development will potentially add enormous shareholder value and underpin sustainable cash flow for decades to come.

Capital Resources Overview
As discussed previously, we had been making preparations for a potential listing on a U.S. exchange, should it be deemed the best path for shareholders in raising capital for development. To constrain expenditures, the activities had been restricted to re-examination of the Company's financial statements, confirming the optimum structure to avoid tax leakage, and designing internal controls that would serve investors regardless of whether a U.S. listing was progressed or not. Whilst this is an option for the future, this effort remains paused until market conditions are such that this can be progressed.

As we exit 2025 and prepare for our 2026 activities discussed above, we believe we have benefitted greatly from our proactive management of our financial position. At 21 December 2025, unaudited cash, cash equivalents and term deposits totalled $27.2 million, prior to the settlement of the latest remaining Dubhe-1 related expenditures. These were anticipated and are fully incorporated into our capital planning assumptions. Following their settlement, the Company will continue to manage its liquidity position prudently, to provide flexibility to support technical work and the advancement of priority assets.

Moving forward, we intend to prioritise the financing of forward capital programmes by farming out to investment partner(s) to limit share dilution and add financial and capability resources to our expansive asset portfolio.

Looking Ahead & Final Thoughts
Looking ahead, we remain confident in the value inherent to our asset base, representing one of the largest undeveloped oil resources on the Alaskan North Slope. In our updated 2024 Independent Expert Report by Netherland Sewell & Associates, Inc., best estimates of Kodiak's contingent recoverable resources sum to 1.2 billion barrels of marketable liquids and 5.4 trillion cubic feet of gas. We are renewing focus on our Kodiak field, with a parallel analysis and appraisal programme developed to accelerate progress - all being done concurrent with additional testing and analysis of our data from Ahpun.

We thank you, our shareholders, for your support and we thank our employees for helping advance our development efforts. Our Annual Report and Accounts will be released this month with our AGM to occur in the first quarter of 2026. We therefore look forward to sharing future updates in the coming year as we strive to create value for our shareholders, employees, and communities, and we thank all of you for your dedication to our mission.

Sincerely,
David Hobbs
Chairman