Member Info for DarrthVader

Time to fall on his sword I’m afraid. I have never had the displeasure of being invested in such an unprofessionally managed company. The gravy train cannot carry on.

Max, Eric et al, time to show your confidence methinks

Yes I would agree with that. Much cheaper testing in April. It will probably all be explained in the webinar tonight. It will be a very uncomfortable day for bulls though.

Just looking at a picture of the flare on Discord, It looks as though it has got a lot bigger and brighter….This should be good news…

This was entirely expected.

This could get very interesting. A classic case of the bears trying to hold the price down until the bond payment on Monday in the face of really good news. If the market starts aggressively buying then there could be a proper squeeze and smell of Napalm in the morning!!!!

I have agreement from Max that he and Eric would be delighted to join us on the Flight deck. We postponed until they have some hard data we can discuss. So, soon after a material RNS we will be talking to them for release soon after.

Courtesy for Flight on Discord.

I will start- As Telemachus he showed great knowledge as regards Pantheon and the sector

I want to discuss David Hobbs’s tenure as Executive Chairman of Pantheon- pros and cons….who would like to start?

Max Easley, Chief Executive Officer, commented: "I continue to be pleased with the ongoing safe and efficient execution of our operations to date and look forward to sharing more about Dubhe-1 results when we have them."

This update is completely as expected. Oil didn’t flow previously until 50% clean up and we are at 40%. There is gas, there is oil -albeit intermittent, but it is there. I reckon we should know within a couple of weeks what we have got. Anything else is pure speculation.

Not sure about that….lots of big boys here….

Looks clear in Deadhorse. Any images?

Let’s not get into this. Anything above what they achieved before is a win. We don’t need disappointment to creep in because of expectations of larger numbers.

What are you on about?

Stock should motor on this IMO

It really is ridiculous when the board is dominated by people talking the share price down. As we know the company is in the middle of a very important drill. Please can we let them get on with it without denigrating the effort that’s they are making. If you are a holder that cannot be patient then this is probably not the investment for you.

After you….

“The industry is responding

to the president’s call to produce, and what we know is going to be ongoing consumer demand for American energy

products.”

However, others say the president’s agenda is hamstrung by factors outside his control, pointing to depressed oil

prices. Since the start of 2025, the Opec+ oil cartel has increased oil production, leading to a decline in prices.

At $61 per barrel, global benchmark Brent crude oil has declined 22 per cent since the start of the year, while West

Texas Intermediate, the benchmark for US crude, has fallen 16 per cent to $57.

3

The number of US rigs in operation was 550 in August, according to data from oilfield services company Baker

Hughes, 35 fewer rigs year on year.

“In a word, ‘drill baby drill’ has been a flop,” says Dan Pickering, chief investment officer at Pickering Energy

Partners, in Houston. “The industry is driven by economics and right now, the economics don’t justify accelerating

production.”

Natural gas prices are also low. Since the highs of $9.4 per million British thermal units seen after Russia’s full-scale

invasion of Ukraine in 2022, natural gas prices have slumped to $3.3 per million British thermal units, weakened by

mild weather and high storage levels.

Promoting gas is a key pillar of Trump’s energy, industrial and trade strategies — but the president may struggle to

achieve all his objectives.

In order to promote exports, the administration lifted a pause implemented by Biden on new terminals, leading to

the rapid approval of new ones. Meanwhile, power-hungry data centres and reshored industries are fuelling

spiralling demand, which the industry has been encouraged to fill.

But to justify this spending on new infrastructure, gas prices may need to rise, a potential rub for a president who

has vowed to keep energy costs down.

“I would suspect some producers might even want to see less production because it would help increase prices,”

says Denton Cinquegrana, chief oil analyst at data provider OPIS.

Producers are also complaining about a poor climate for investment, citing price weakness, volatility and

nervousness around the administration’s whiplash energy policies.

In the Dallas Federal Reserve’s quarterly survey of oil and gas companies, one executive said: “Investors (rightly)

avoid investing in energy . . . life is long, and the sword being wielded against the renewables industry right now will

likely boomerang back.”

In order to attract capital and expand production, companies will need to “make sound decisions on a day-to-day

basis,” says Steven Knell, president of global content at Energy Intelligence.

“This is a patch that’s growing, but it’s not runaway growth to be honest,” he says. “I think what most investors

would expect is prudent expansion.”

4

Alaskan energy executive Max Easley thinks his state’s oil and gas industry is on the verge of a resurgence, bolstered

by the White House’s promotion of fossil fuel expansion.

Production in the region collapsed to 357,000 barrels per day of crude oil in July, a 47-year low. This follows decades

of under-investment, permitting quagmires, environmental protests and the challenges of drilling in Alaska’s frigid

climate.

But the re-election of US President Donald Trump and his promise to “drill baby drill” may help to support an oil and

gas revival in Alaska, and other resource-rich regions of the US.

“For a long time, Alaska was on what appeared to be inexorable decline . . . But there’s been a bit of a renaissance,”

says Easley, chief executive of Pantheon Resources, an Alaska-focused oil and gas group.

While Pantheon’s 1.6bn barrels of crude oil and 6.6tn cubic feet of natural gas are on state lands, it stands to gain

from the federal government relaxing permitting rules and supporting the development of a potential new Alaska

pipeline — which is expected to provide 500mn cubic feet per day of natural gas. A potential pipeline would link

Alaska’s northern gasfields to the southern port of Nikiski for export to Pacific allies.

“Historically, people would see the federal government as an impediment, but, at the moment there’s a lot of

positive tailwinds,” he says.

2

Having described renewable energy sources, such as wind and solar, as “scams”, President Trump has thrown his

support behind oil and gas, moving to open up new lands for drilling and to speed up approval for pipelines.

In October, the federal Bureau of Land Management announced it would lease more than 50,000 acres of public

lands in Colorado, while the Bureau of Ocean Energy Management will offer 80mn acres in the Gulf of Mexico.

In a January executive order, Trump vowed to accelerate pipeline construction. His administration has also pushed

to restart work on the controversial Keystone XL project, proposed 15 years ago to take heavy crude from western

Canada to refineries on the other side of the US, and then halted by US Presidents Barack Obama and Joe Biden.

Meanwhile, the so-called “big, beautiful” tax and spending bill offered tax breaks for oil companies and eased some

environmental rules.

Industry leaders say the sector has never been in better shape. According to the Energy Information Administration,

a division of the energy department, crude oil drilling hit an all-time high in July 2025, at just under 423mn barrels

per month.

Natural gas production has risen every year since 2021, averaging 3.9tn cubic feet per month in 2025. Already the

world’s largest exporter, US capacity is set to more than double by 2029.

“Right now the United States is producing more oil and natural gas than we ever have in the history of time,” says

Mike Sommers, chief executive of the American Petroleum Institute, a trade associa