Pantheon Resources Plc engages in the exploration, appraisal, and development of oil and gas resources on the Alaska North Slope, with 100% working interests in approximately 259,000 acres of state land across its primary Ahpun and Kodiak projects; the Ahpun field targets deltaic topset horizons and the deeper Alkaid zone for ANS crude oil and associated natural gas, while the Kodiak field offers stacked conventional targets including Slope Fan System, Shelf Margin Deltaic, and Brookian plays estimated at 1.6 billion barrels of contingent recoverable ANS crude and 6.6 trillion cubic feet of natural gas; the company holds independent expert certifications, including Netherland Sewell & Associates' best estimate of 1.2 billion barrels for Kodiak, Cawley Gillespie & Associates' 282 million barrels for Ahpun western topsets, and Lee Keeling & Associates' 79 million barrels for Ahpun Alkaid horizon. Incorporated in 2005 and headquartered in Houston, Texas with a registered office in London, United Kingdom, Pantheon operates solely in the United States, leveraging proximity to the Trans-Alaska Pipeline System and Dalton Highway for competitive infrastructure advantages targeting first Ahpun production by end-2028 and financial self-sufficiency by 2029. Recent developments include a June 2024 Gas Sales Precedent Agreement with Alaska Gasline Development Corporation to supply up to 500 million cubic feet of gas daily for 20 years, supporting Ahpun development funding and gas disposal savings; a July 2025 equity placing of 16.25 million pounds; appointment of Max Easley as CEO in Q1 2025; drilling of Megrez-1 well in Q4 2024 with testing in Q2 2025; drilling and ongoing clean-up flow testing of Dubhe-1 appraisal well in Q3-Q4 2025 at a total cost of approximately 33 million dollars inclusive of pilot hole, cores, and contingencies; and a September 2025 30 million dollar placing to advance appraisal and development planning.