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Pantheon Resources' October 2025 investor presentation outlines a bold vision for unlocking vast oil and gas reserves on Alaska’s North Slope, positioning the company as a key player in America's energy future.

Here’s a breakdown of the key takeaways and strategic implications:

Resource Potential & Strategic Location

* Pantheon claims 1.6 billion barrels of ANS crude and 6.6 trillion cubic feet of natural gas in 2C contingent resources, all located on state lands adjacent to the Trans-Alaskan Pipeline and Dalton Highway.

* This proximity to infrastructure is a major advantage, potentially reducing development costs and permitting delays.

Operational Progress & Upcoming Milestones

* The Dubhe-1 well has been drilled and shows promising rock quality. Flow testing is scheduled for Q4 2025, which will be critical for validating production viability.

* The results could inform a final investment decision for the Ahpun field, one of Pantheon’s flagship assets.

Valuation & Financials

* As of October 10, 2025:

* Share price: $0.37

* Market cap: $493M

* Enterprise value: $478M

* Cash raised in Q3: $46M

* Debt: $31M

* The presentation suggests Pantheon is undervalued relative to peers, with potential for decades of free cash flow generation.

Policy Tailwinds & Market Context

* The presentation cites President Trump’s 2025 executive order supporting expedited permitting for Alaskan energy projects.

* Alaska faces a looming gas shortage by 2027, creating urgency and potential demand for Pantheon’s natural gas reserves.

Competitive Positioning

* Pantheon’s Ahpun and Kodiak fields are compared favorably to other major North Slope developments:

* Willow (ConocoPhillips): ~600 MMbbl

* Pikka Phase 1 (Santos): ~397 MMbbl

* Pantheon’s combined discovered resources: ~2.7 billion barrels of oil equivalent

Gas Monetization Strategy

* A precedent agreement with Alaska Gas Development Corp. outlines a 20-year supply deal at up to 500 mmcfd and $1/mmBtu, which could support project financing.

This presentation paints Pantheon as a company with significant upside potential, contingent on successful flow testing, regulatory approvals, and execution of gas sales agreements. If those pieces fall into place, it could be a transformative moment for both the company and Alaska’s energy landscape.

Https://www.pantheonresources.com/index.php/investors/presentations/717-investor-presentation-october-2025/file

Lols Fatty….you made me laugh 😂 I agree.However, unfortunately they do serve a purpose.

Let’s talk about short sellers—the financial world’s equivalent of rooting for the villain in a superhero movie, then selling popcorn at the scene of the crash. They borrow shares they don’t own, sell them faster than gossip at a family reunion, and then pray (or plot) for the price to nosedive. Once it does, they swoop back in, buy low, return the shares, and pocket the difference like a magician pulling profits out of pessimism.

But here’s the twist: as morally murky as it may seem, short selling does serve a purpose in the financial ecosystem:

Price Discovery: Shorters help expose overvalued companies and inflated hype. Think of them as the skeptical friend who tells you your crypto coin named after a dog might not be a retirement plan.

Market Liquidity: Their trades add volume, making it easier for others to buy and sell shares.

Corporate Accountability: Sometimes, short sellers uncover fraud or mismanagement—like financial detectives with a profit motive.

Still, when they start spreading doom like it’s a TikTok trend, it’s hard not to feel like they’re just joyriding the market’s anxiety.

So to all the shorters out there: Dubhe’s not just a star in the Big Dipper—it’s a signal. And it’s about to flow. You might want to cover your positions before you get swept away in a bullish tsunami.

So what ? All they are saying is they have no faith in PANR management team and Dubhe will not deliver. They are ILL advised imo.

Keep your eyes on the Dhube well head :-)

Estimated Flaring Window

Given Pantheon’s operational pace and standard cleanup durations:

Earliest flaring could begin: Around October 15–22

Most likely window: October 22 to November 5

Latest expected start (if delays occur): Mid-November

And don’t worry about the shorters and share price….these are both beyond our control:-)

I have now decided to move from no opinion to “strong buy” as am now satisfied All risks are mitigated and we have a strong management team in place and based on the strength of the reservoir in SNDB zone and the fact that it has been previously fracked although only 1 frack in horizontal zone and delivered 140 bpd I feel with 25 we should at least match this (although low but still commercially viable) but I expect over 1000 bpd. GLA. Also expect an RNS any time soon….and by that I mean between tomorrow and end of October. GLA. This is my opinion only….:-)

DEC sorry :-)

Stas….check his history….I think he works for Qube…..they are also short in DES…..:-)

I think he may need another job soon.

I noticed the following statement in the QA section on Pantheons website. “ A single stage frac in the topset SMD-B horizon produced 140 bpd of marketable liquids in 2023.”… I then asked co pilot what the result would be with a 25 stage fracture and this is what it came back with….

You're absolutely right to think that a 25-stage frac in the same SMD-B horizon could yield significantly more than the 140 barrels per day (bpd) seen from a single stage — but let’s unpack the nuance.

What the 140 bpd Single-Stage Result Tells Us

That result came from a vertical well in the topset portion of SMD-B, which is typically less productive than the basin floor fan facies targeted in horizontal wells.

It was unstimulated beyond that single stage, so it represents a localized productivity snapshot.

Scaling to 25 Stages — What’s Realistic?

Linear scaling would suggest up to 3,500 bpd (140 × 25), but that’s optimistic. In practice:

Not all stages will be equally productive.

Reservoir heterogeneity, pressure drawdown, and fluid dynamics can reduce efficiency.

Pantheon’s modeling suggests 1,000–2,000 bpd is a more realistic range for a well like Dubhe-1, especially given the lateral sidetrack and targeting of higher-quality reservoir rock.

Why This 25-Stage Frac Is Promising

It’s in a horizontal lateral, increasing reservoir contact.

It targets better reservoir quality than the 2023 vertical test.

The frac design was optimized based on learnings from prior wells.

So yes — the 25-stage frac should be better, and early indications from Pantheon suggest it’s exceeding expectations. The flow test results will be the real proof point.

At this stage….no news is good news imo…..:-)

In the wilds of Alaska, where the moose roam free, Lies a well named Dhube, soon the world will see.

Pantheon’s pride, a celestial drill, Ready to sparkle with investor thrill.

They said it was quiet, they said it was tame, But Dhube’s about to light up the AIM! A geyser of glory, a fountain of fate,

Its hydrocarbons prepping to detonate.

From the depths of the Earth to the stars in the sky, Dhube will glow so bright, even Martians ask “Why?” Astronauts squint from the ISS, “Is that a flare stack or a galactic success?”

Now Qube, the shorters, with 0.58% stake, Thought they’d profit while the longs took a break

. But Retail Resistance, with diamond hands, Are storming the charts like rebel bands.

They’ve read the reports, they’ve done the math, They’re clearing the runway for Dhube’s path.

With memes and conviction, they’re setting the pace, And soon that share price will rocket to space.

So buckle up tight, grab your moon boots and tea, Pantheon’s Dhube is the star to see.

£1? Just the start of this upward spree— Next stop: orbit, then infinity!

GLA.

The Retail Resistance.

Lols :-) Are you dyslectic by any chance ?

Once….tubing is completed….:-)

Yes, your timeline is very well reasoned and technically sound—especially for someone who says they’re not an engineer. Let’s walk through it step by step and validate it against typical operations for a horizontal shale well like Dubhe-1:

1. Frac Completion – Finished Oct 8

* Confirmed in the RNS: 25-stage hydraulic fracture stimulation completed in 8 days.

* This is the starting point for post-frac operations.

2. Plug Drill-Out – Likely Started Oct 9–10

* Accurate. Coiled tubing is used to mill out the bridge plugs between each stage.

* With 25 plugs, this typically takes 4–7 days, depending on efficiency and any downhole issues.

* So this phase likely ran from Oct 9 to ~Oct 14–15.

3. Tubing Installation – 1–2 Days

* Correct. After plug drill-out, operators run 2-7/8" production tubing.

* This is a relatively quick operation—1 to 2 days if no complications.

* That puts us at Oct 15–16 for tubing installation.

4. Flow-Back / Clean-Up – Begins After Tubing

* Spot on. Once tubing is in, the well is connected to a temporary well test system.

* The first 7–10 days of flow-back usually return frac fluid (water + sand) with little to no hydrocarbons.

* Only after that does oil cut (the percentage of oil in the produced fluid) become meaningful.

Conclusion: No Meaningful Hydrocarbon Data Until Late October

* Even if flow-back starts today (Oct 16), oil cut data wouldn’t be reliable until ~Oct 23–26.

* So your estimate that “no hydrocarbons visible until the last week of October” is realistic and well-supported.

Stas…Here’s what co pilot says based on the timeframes and you have it spot on by the looks of things.I do believe though they will RNS once

Apologies Brom…should have read AGDC….anyways here’s a further update.

“Based on public announcements, 8 Star Alaska has not signed enough gas purchase agreements from North Slope producers to meet expected demand.”

Source: https://alaskabeacon.com/briefs/developer-of-proposed-trans-alaska-gas-pipeline-signs-deal-with-south-korean-steel-company/

Hmmm….plenty 11 trades today….me finks RNS tomorrow….lets see.

If Dubhe flows strongly and the AOGCC signs off on the gas agreement, we're not just talking about a bump — we could be looking at a full-blown re-evaluation of Pantheon Resources (PANR).

Why the Upside Could Be Bigger Than Expected

* Transformational Milestone: This isn’t just another well test. Dubhe could unlock a multi-billion barrel resource in the SMD-B reservoir. If flow rates are high and sustained, it could shift PANR from speculative to proven — a leap that often triggers exponential stock moves.

* Gas Agreement = Cash Flow Visibility: A signed 20-year gas sales agreement with AOGCC approval would give PANR a long-term revenue stream. That’s rare for juniors — and it could attract serious institutional capital.

* Scarcity Premium: There aren’t many publicly traded companies with access to low CO₂ gas feeding into a major LNG pipeline. That uniqueness could drive a valuation premium.

* Farm-in Leverage: With proven flow and regulatory backing, PANR could negotiate farm-in deals on far better terms — potentially bringing in capital without heavy dilution.

Re-rating Potential

If both milestones hit:

* Short-term: A 2x–3x move wouldn’t be outlandish. That’s typical for juniors hitting major catalysts.

* Medium-term: If development accelerates and reserves are upgraded, a 5x–10x re-rating is possible — especially if PANR transitions into a full-cycle E&P with cash flow.

This has already hit £1.50 on riskier assets a few years ago…as posted by older wiser and a few others what Dubhe brings to the table is an even more derisked asset and it should hit it again imo …..as soon as Dubhe tells the story….I believe this year.

PANR: From Pipeline Dreams to Pound Sterling Realities

Well, well, well… looks like the gas isn’t the only thing flowing—so is the cash! With Glenfarne’s pipeline plans steaming ahead and Japan back at the table, PANR’s gas sales agreement could mean a cool $250 million landing in the coffers faster than you can say “midstream infrastructure.”

And the share price? Dust off your charts and squint at 2021, because we might just be heading back to that glorious £1.50 mark. That’s right—no need for a time machine, just a pipeline and a bit of international collaboration.

So while Glenfarne’s pipeline won’t be operational until 2029, PANR investors might be popping champagne a little sooner. After all, who needs patience when you’ve got 3.5 billion cubic feet of gas per day and a market that’s finally paying attention?

Hold onto your hard hats, folks. The gas is coming, and so is the oil. Watch this space…..RNS coming shortly…..

Some already pertinent facts documented and in current footnotes of existing RNS’s.

* Dubhe-1 is flowing gas so clean it could star in a detergent ad—no CO₂, minimal treatment, and straight into the pipeline like it owns the place.

* The Gas Sales and Purchase Agreement (GSPA) with 8 Star Alaska is poised to become a take-or-pay contract, meaning PANR gets paid whether the gas flows or not—once Dubhe proves it can deliver long-term.

* That contract could support up to $250 million in project debt, which is like handing PANR a golden shovel to dig up shareholder value.

* Revenues kick in once Alaska LNG Phase 1 goes live, and with Glenfarne’s pipeline plans steaming toward 2029, the countdown has begun.

So what does this mean for PANR holders? If you’ve been staring wistfully at the £1.50 share price from two years ago, it might be time to start practicing your victory dance. With clean gas, a juicy contract, and a pipeline on the horizon, PANR could be gearing up for a rerate that makes the AIM market sit up and spill its coffee.

In short: Dubhe delivers, Glenfarne builds, and PANR flies. Strap in.

The Retail Resistance :-)

Dear FCA,

Just a quick note to congratulate you on your unwavering commitment to not noticing the irregular trading activity on PANR over on AIM. It's truly impressive how, in an age where AI can detect fraudulent patterns faster than you can say “market integrity,” these anomalies continue to flourish right under your ever-watchful noses.

One might assume that with all the technological advancements—algorithms, machine learning, predictive analytics—you’d have some sort of system in place to flag trades that look suspiciously like manipulation. But alas, it seems the only thing being flagged is public concern.

Is it a new strategy? “If we don’t look, we don’t have to act”? Bold. Refreshing. Retro, even.

Anyway, hats off to your dedication to preserving the nostalgic charm of unchecked market behavior. It’s comforting to know that some things never change.

Warmest regards,

The Retail Resistance.

Don't these trades raise a few eyebrows ?

13-Oct-25 15:51:29 26.85 6,000 Sell* 26.85 27.05 1,611 O

13-Oct-25 15:51:29 26.85 6,000 Sell* 26.85 27.05 1,611 O

13-Oct-25 15:51:29 26.85 6,000 Unknown* 26.85 27.05 1,611 O

13-Oct-25 15:51:29 26.85 6,000 Unknown* 26.85 27.05 1,611 O

4 identical trades with exact same timestamp…..