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Https://www.pantheonresources.com/index.php/investors/presentations/720-corporate-update-webinar-december-2025/file

Did anyone else notice page 9 graph only goes to the end Nov and we are now 23rd Dec…..maybe this pause has been choreographed?

Merry Christmas Leesteuk.

Leesteuk you are despicable human being….thats all I can say about you. Taking pleasure when some people have lost money. I have suffered a paper loss…I’m still holding buddy and this will come good.

Thanks for that reassurance….Im convinced Dubhe well will be commercially viable….the point is PANR cannot or are not allowed to say anything until AOGCC have announced a “Discovery well “ and assigned it either to Oil or Gas category. The problem we have is whilst this process is taking place….shorters have there day…. Hopefully they release an “Operational update” but buy all accounts their hands are tied as per this process which applies to Dubhe well as documented by Geordisrock who happens to represent the EIA in the state of Alaska. So we need to at least acknowledge this fact.

https://www.reddit.com/r/3CPG_PetroleumGeology/comments/1phte9c/the_state_of_alaska_rules_for_announcing_and/

In addition he makes it very clear…. As stated in the RNS of 08 October 2025: "The Company expects to release further information, in line with its regulatory requirements, as the programme proceeds." This includes the above State of Alaska Regulatory Requirements…… so Max and team are very limited at what they can and cannot say at this particular point in time…..be forewarned the shorters will try maximize scare mongering based on this fact…..ie PANRs regulatory requirements which they need to comply with.

GeordesRock works for the EIA…..so surely we should believe him more than the garbage that’s posted on this BB most days.

https://www.reddit.com/r/3CPG_PetroleumGeology/comments/1phte9c/the_state_of_alaska_rules_for_announcing_and/

And if we can’t believe the EIA who the f**k can we believe !! This is what they say not me !!

Stas….we are validating PRODUCTION characteristics……see slide 7.

https://www.pantheonresources.com/index.php/investors/presentations/718-presentation-to-resource-development-council-in-alaska-november-2025/file

Qube are being very clever …..they know that PANR cannot announce “Commercial Viability “ of Dubhe without AOGCC approval….this just won’t happen this year imho.

As per GeordesRock…..They cannot announce a Discovery nor the Production Numbers used in the application for a Discovery in an RNS without the State approving they have in fact made a discovery. The state has authority over all the Oil and Gas because they own them all. They do not want false information being promoted.

The other aspect is determining what type of well the Dubhe-1H will be designated. There are specific rules for Gas Wells vs Oil Wells when developing a field. The GOR determines if the well is classified as an Oil well or a Gas well. I.E., If the GOR is equal to or less than 6,000 cf/b, we (the EIA) classify the well as an oil well for that year. If the GOR is greater than 6,000 cf/b, we classify the well as a natural gas well for that year.

I am not concerned one way or the other. The significance is the well results in determining the Ahpun Field Development Plan, which is long term. Short term is the flow test. Cannot equate any of these processes to SP.

I’m sorry if I lost you money when I told you to take off your stop losses to prevent thieves like Leesteuk triggering your stop losses. There….good enough for you Leesteuk and what you fully deserve.

yes i did say that….to try and stop thieves like you from mugging innocent share holders. you can harp on it as much as you like but unfortunately this is the only mechanism i know of that can prevent shorters from “fishing” to trigger stop losses…

now to you….have you apologized to this forum for your bull****e scare mongering post of….“if the next rns is not good and shares drop in price then there is a good chance panr will be unable to make debt repayments and the creditors will take over the whole lot and take it private, this happened to me in hum a gold producer, ended getting offered 1.5pence a share when b4 the last bad rns thevprice was 10p so beware” and again……what do you base this post on….ready to buy when the arse falls out after next rns 💰

You are not fooling anyone….you continue to post scare mongering posts and you are shorting or at least working for a shorter which makes you a prime suspect for anyone investigating illegal business practices on AIM. You day will come hopefully sooner rather than later.

Well if the FCA is useless in controlling the likes of you and innocent holders get mugged by your illegal tactics what other way other than “taking stop loss parameters off” can we use ? Any suggestions will be appreciated Leesteuk.

There is a very unethical practice taking place here with the likes of some posters scare mongering and shorting at the same time. In my eyes it is contravening FCA law. This practice is killing AIM and the authorities need to somehow start addressing it.

They “fish” to activate stop losses thereby justifying making money from honest traders and they don’t even own the shares!!

Someone needs a big wake-up call in the FCA.

So what do you base this post of yours on Leesteuk ?

“To buy when the arse falls out after next RNS 💰” or is a practice called scare mongering ?

Leesteuk….you owe Max and all honest PANR holders on this board an apology. This is the scare mongering crap you posted….. “If the next RNS is not good and shares drop in price then there is a good chance Panr will be unable to make debt repayments and the creditors will take over the whole lot and take it private, this happened to me in Hum a gold producer, ended getting offered 1.5pence a share when b4 the last bad RNS thevprice was 10p so beware”

I can now use Max’s comments in a recent RNS to respond once again to the totally unnecessary scare mongering generated by you…….

“Max Easley, CEO, commented: "I am extremely pleased to report to shareholders that the Heights bond has now been repaid in full, and as such there are no further repayments. The Dubhe-1 well continues to flowback and remains in the cleanup period. We recognise that shareholders are eager learn more about how the well is progressing, and given the upcoming holiday season we have decided to host a webinar on 23 December where we will give investors an up to date overview of the well progress at that time. For now, the well remains in the cleanup window, consistent with our last update."

And I still hope the FCA catch up to you and your ilk !!

Today’s PANR share price performance could only be described as the financial equivalent of a snail derby. Picture it: a lineup of determined snails, each with a ticker symbol painted proudly on its shell, inching forward with all the grace of molasses in January.

One particularly ambitious snail—let’s call it Mr. PANR—was making decent progress, sliding along the chalk-marked track of investor sentiment. But then, disaster struck. In its enthusiasm, Mr. PANR filled the gap not once, but twice. The crowd gasped. The referee scratched his head. The other snails looked on in slow-motion disbelief.

And so, with the rules of snail racing being what they are (strict, unforgiving, and written in very tiny font), the race had to be restarted. Back to the starting line they all went, leaving investors muttering, “Did we really just watch a snail undo its own progress?”

The moral of the day: in the stock market, as in snail racing, progress is slow, gaps are sacred, and sometimes you have to laugh when your champion decides to retrace its slime trail and start all over again.

With special thanks to Geodesrock Petroliumgeology Reddit.

Having read this article I’m beginning to wonder exactly what the next RNS will be saying….seems like State of Alaska will need to verify commerciality first.

The Alaska Oil and Gas Conservation Commission (AOGCC) regulates discoveries, focusing on proving commercial viability, well testing (flow tests), establishing reserves, and submitting detailed applications for Unitization or Pool Designation, requiring technical data showing significant hydrocarbons (oil/gas) and economic potential under AS 31.05 and Alaska Admin Code Title 20, to get official declaration and regulatory approval for development.

Key Steps & Requirements:

Initial Discovery: A well is drilled, encounters significant hydrocarbons, and initial tests (like drill stem tests) suggest a commercial discovery.

AOGCC Notification: The operator must promptly notify the AOGCC about the discovery.

Flow Testing & Data Submission: Conduct extended flow tests, analyze samples, and submit detailed reports to the AOGCC, proving sustained production rates.

Reserve Estimation: Provide engineering studies estimating recoverable reserves (oil and/or gas).

Application for Designation: File formal applications (e.g., for pool or unitization) with the AOGCC, demonstrating the discovery's commercial significance and proposing a development plan.

AOGCC Approval: The Commission reviews the data and, if satisfied the discovery is commercial, issues orders approving the pool/unit and setting spacing, which officially recognizes the discovery.

Governing Rules:

Alaska Oil and Gas Conservation Act (AS 31.05): The foundational law.

Alaska Administrative Code, Title 20 (AOGCC Regulations): Details specific rules for testing, unitization, spacing, and reporting. [OP NOTE: The Ahpun Field contains the Alkaid and Talitha UNITS]

In essence, the AOGCC requires proof that a discovery isn't just a show of oil/gas, but a substantial, economically viable resource worthy of state regulation and development.

SUMMARY

When Pantheon, as Great Bear Pantheon LLC., determines the Dubhe-1H is a DISCOVERY Well, they will file the above information with the State of Alaska. The State will issue "Approval" and simultaneously or as close timewise to filling with the State and receiving approval, the company will issue an RNS. Not before.

In the meanwhile, they may issue Operational Update type RNSs, but will not and cannot declare a DISCOVERY until the State is satisfied. The Discovery will publish the Test Results - not before.

>> No companies or entities connected with the Gasline Project will have information contained in the announcement of a DISCOVERY prior to the Official Filing with the State.

As stated in the RNS of 08 October 2025: "The Company expects to release further information, in line with its regulatory requirements, as the programme proceeds." This includes the above State of Alaska Regulatory Requirements.

-ends-

Source: https://

Yes it definitely is but I was hoping the sp would be a bit higher when we listed….no doubt consolidation will happen

Stas…the US listing is scheduled for the new year…..what are your views on this ? At the rate we are going we could be diluted if an IPO is a minimum of $4 per share ? Even at 1$ per share this possibility exists. My believe is they need to somehow put out some info like signing of gas sales agreement etc rather soon in order to lift the SP to reasonable levels on AIM prior to listing in US ? Or you think they are not concerned with the current share price?

Well it was labeled the show and tell well…..so it needs to tell the story…but he is 100% correct when he says ..

“ Every well will be different because each well encounters different portions or parts of the overall complex Shelf Margin Deltaic depositional system. Some will be better, some marginal, and this is because of the sedimentary structures. The SMD is a stratigraphic trap, channels going one direction, delta front going another direction. But the SUM total of all the wells makes a field - not just one well. The DUbhe-1H is one well. After the test it will be shut-in. It will not produce until they develop the field and tie into the TAPS pipeline. So, the well cannot be thought of as 'marginal' - it is a test well, a well to obtain data, then molded for future wells. The current goal is do the FEED and then to make an FID at the end of 2027, with first production in 2028. So, again, it is not a well to be considered "make or break" the company.

AS far as well spacing and proximity to each other, the State will determine the Spacing Orders. This also applies if the Wine Rack - develop multiple, staked reservoirs from the same pad. Complex at best and hard to explain to visualize.