PANTHEON RESOURCES PLC - Corporate update together with its interim results for the six months ended 30 June 2026.

PANTHEON RESOURCES PLC presented its corporate update and interim results for the six months ended 30 June 2026, highlighting significantly increased technical confidence in its flagship Kodiak asset following completion of phase one seismic reprocessing. The new 3D seismic provides improved imaging of the Kodiak reservoir, with AVO analysis indicating hydrocarbons across the updip area and supporting management’s expectation of at least a 25% increase to the existing 2C recoverable resource estimate. Management reiterated that Kodiak is now the priority for future drilling and development, while Ahpun, Alkaid and other potential satellite opportunities remain part of the wider portfolio. Pantheon also provided an update on its farm-out process, with 10 companies shortlisted in the data room spanning majors, mid-caps, independents, existing Alaska operators and potential new entrants. An earlier offer was rejected as the Board believed it undervalued the asset, with management prioritising securing the right partner and terms rather than accelerating a transaction. Financial results reflected continued cost discipline, with operating losses reduced by $1.8 million, while cash stood at $10.2 million at 30 June and $5.5 million subsequently, providing an expected runway through year-end. Pantheon expects to raise approximately $10–15 million to strengthen liquidity while farm-out discussions progress, with future Kodiak drilling dependent on securing an appropriately funded partnership.