Good afternoon, ladies and gentlemen, and welcome to the Pantheon Resources investor presentation. Throughout today's recorded presentation, investors will be in listen-only mode. Questions are encouraged. They can be submitted at any time just using the Q&A tab situated on the right-hand corner of your screen. Given the significant attendance on today's call, the company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions and will publish those where it's appropriate to do so. Before we begin, we'd like to submit the following poll, and I'm sure the company will be most grateful for your participation. I'd now like to hand over to Senior Vice President of Investor Relations, Nathan Cherry. Nathan, good afternoon. Good morning from Houston, and good afternoon to those in the U.K. and elsewhere. Thank you for joining us today. Here at Pantheon, we're very excited to discuss our 2026 interim results and corporate updates. I'm Nathan Cherry, Pantheon's SVP of Investor Relations, and I'll kick things off with our agenda today. First, I'll be handing it over to our Chairman, Michael Spencer, for his remarks and message. Then you'll hear from our CEO, Max Easley, about Alaska's importance in a globally connected energy market and recent developments as it pertains to Alaska. Erich Krumanocker, our Chief Development Officer, will walk us through today's announcement on the recently completed seismic reprocessing effort and the implications for Kodiak and its resource base. You'll hear again from Max on Pantheon's farm-out process with an update and details there. Finally, we'll close our prepared remarks with Tralisa Maraj, Pantheon's Chief Financial Officer, who will cover Pantheon's mid-year results as announced this morning. We'll then close with a question and answer session, and you heard about those logistics from Mark at the top of the call. Before we dig in, I'll orient you to our disclaimer page, shown here, at the front of the presentation. Please review it. Please familiarize yourself with the concept of forward-looking statements and the like. We will be posting a replay of this webinar online, including the Q&A portion. With that, I will hand it over to Pantheon's Chairman, Michael Spencer. Nathan, thank you very much, and a genuine welcome to all of you who are joining this call today, whether you are in Europe or the United States. You are most welcome. As many of you know, I joined Pantheon as Chairman in the spring of this year, so I'm only in the job for six months, and it has been an exciting, challenging, and very fulfilling role, and I've enjoyed it. One of the things I want to share with you is after this period, I'm absolutely convinced as to the core value of the underlying assets we have. Indeed, this has been confirmed by the detailed seismic work that we've undertaken and mentioned, indeed, in our results since the spring of this year. This gives me considerable confidence going forward and representing to you all as to the good position that Pantheon is in and the value of our business and what we ought to be able to achieve going forward. I see my role as chairman very much as leading our farm-out negotiations to get a really good deal for our shareholders, many of them whom I know have been long suffering, if I might put it that way. There have been, in fairness, though, hurdles in our way this past six months, not least of which, by the way, has been the seismic program. Itself, obviously, all the many institute companies in our data room have quite sensibly been keen to see the final results of our seismic program before fully committing, why would they do otherwise, to negotiations with us? Also, of course, the debate as to where we stand on the gas pipeline, which we expect will happen, by the way, and we are confident will happen, but it has been delayed rather unfortunately for us, because that would be a very significant bonus to our project on the Kodiak field and others. The history from Pantheon, I know, has been a volatile one, but I genuinely now believe we're coming to a pivotal and positive moment. I urge all of you shareholders, absolutely, this is the time to stay with this project and not to lose faith and confidence in it. I now will hand on. Thank you. Thank you, Michael. This is Max, your CEO. As an Alaskan myself, native born and in and out of Alaska for 30 years now, I think I would say and agree with the world that Alaska has never been more important or active than it is right now, which is playing, obviously, to our benefit. I'll quote the current governor, Governor Mike Dunleavy, a friend of the firm, "2026 Alaska is back on the map." Why do we say that? On the left you see NPRA-A. Even before that, November, a little less than a year ago, there was a state lease sale, and all the acreage around us was picked up by competitors. Notably Repsol to the west of Kodiak and a company called Surprise Valley took a very large position to our east, 175,000 acres. Within the National Petroleum Reserve Alaska, the federal lease sale that occurred in March of this year was record-setting. 11 companies bid there, 430 bids. 187 awards and $164 million to the state. An absolutely outstanding lease sale for the state of Alaska. What perfect timing for us. This is what's called a land grab. There's a land grab happening right when we're trying to farm down our assets. Couldn't be better. In the middle, LNG. A little bit of complexity over the summer on the last stage of legislative approval associated with property tax. When we look at the project, and we talk to the developer in the state about this a lot, gas contracts largely in place, permits in place, contractors largely in place, labor agreements in place. This is 80%-90% approval issue in the state of Alaska. We see this as a quick win for the new governor. The new governor will be elected in November. The current governor is term limited, but we see this as a very, very positive catalyst as we enter the new year to advance this project in a timetable that makes imminent sense for us. The one on the right, Pikka. This is a big deal for the state of Alaska. The reason I say that, there's two things Alaskans have wanted for 30 years. One's a gas line and one is competition on the North Slope. We represent both of those, by the way, because we're a competitor and likely the first shipper in that pipeline. Competition is good. Competition creates tension among the operators to make them better. It makes suppliers better and ultimately the state better. In this case, this is Santos and Repsol for Pikka. It's the first time in over a decade we had a major development in the state of Alaska. It's 80,000 bbl a day, and guess who's right behind them? Likely us. That's the context. Astoundingly good year for Alaska. Don't read too much into the LNG delay. I think that will be quickly resolved by the new legislature and the governor to our benefit. What you guys really want to hear about, and Michael alluded to it, is a year ago, Erich and I stared at this area sitting on top of Kodiak, and we looked at the quality of a seismic. We were like, "What?" It's been a big year to really interrogate this seismic information right over the best reservoir we have. Erich, take it away. Excellent. Thank you, Max, and hello, everyone. I'm Erich Krumanocker, Chief Development Officer, and today I'm pleased to be able to share some significant progress the company's made on the technical front, particularly the seismics, as Max has just mentioned. Let's dive into it. We'd previously shared the importance of proving the seismic data in the uptake area, and we now have the dataset, and the results are tremendous. We have selected one of the most reputable seismic firms in the world, and we work with them closely as one team to deliver the project, and it was on time and on schedule. Despite the challenges typically presented by the geology of North Slope Alaska, the new data is even better than everybody expected. We have a clear 3D image of the Kodiak Reservoir and can also see additional prospects in the Kuparuk Formation below, as well as some interesting anomalies in the shallow intervals above. In addition, the Amplitude versus Offset analysis, called AVO for short, is providing strong hydrocarbon indicators up-dip of the area, up-dip of Theta West-1 well. I will show some images in a bit to bring this a bit more to life. The results of the recent technical work have significantly increased the company's confidence in the extent and continuity of the Kodiak resource, such that an increase of at least 25% of the company's existing 2C estimate of recoverable resources for the Kodiak asset is expected. What does the company's liquid hydrocarbon resources picture look like? Over the past few years, the resources have grown significantly. You can see this on the chart, a massive upward ramp, and further additions are possible looking forward. The journey started with the Alkaid discovery, which flowed oil to surface in the Kuparuk asset, starting there on the left. Then came along Talitha- A and Theta West-1 wells in 2022, and they were discovered and flow tested the Kodiak Basin Floor Fan. That Basin Floor Fan, this was described by Wood Mackenzie as the largest onshore discovery in the world that year. An independent assessment in 2023 established a substantial resource number for Kodiak. That same year, the Alkaid- 2 well successfully tested the shallower shelf margin deltaic interval in Kuparuk, adding to the resource base there. In response to that tremendous success, the company then acquired additional acreage in the Kodiak asset area to the west, and the follow-on assessment resulted in additional resources, growing the picture further. Last year, the W1 well logged additional pay across multiple intervals and confirmed things like the slope fan system, which we have management estimates down in the down dip of Kuparuk. Today I am going to show you some images from the new seismic data, improving our confidence in the northwest up-dip area of the Kodiak asset. In the coming winters, we plan to drill and test the Kodiak up-dip area, supporting possible additional resources. The Netherland, Sewell, 3C best estimate of 2.8 billion bbl for Kodiak shows how substantial this resource base could be. Now let us look at the Kodiak area in a little bit more detail. First of all, the Kodiak Reservoir is just massive. It is absolutely massive. It has been penetrated multiple times in the down dip of the field and was successfully flow tested in both Talitha- A and Theta West-1. With each penetration in the Kodiak Basin Floor Fan formation, increasing reservoir quality has been observed as you move up dip. This is consistent with the geological models, it is consistent with regional data that we have collected and others have collected, and consistent with the burial depth and how deep the reservoir is. This improving reservoir quality includes higher porosity, which simply stated, is more space in the rock to hold the hydrocarbons, and perhaps even more importantly, higher permeability, which is the ability for the fluids to move through the rock to the wells. That all enables the wells to produce at higher rates and deliver large ultimate recoveries. The overall objective of drilling up dip is to identify the best area that we can commence our development. This data acquisition program is being designed to provide the key technical inputs to underpin investment in the first phase of development. Why is the seismic so important? The new seismic is really transforming our ability to target the right areas. This slide shows a comparison between the old seismic and the new seismic. This is a cross-section starting from the far up dip in the northwest of the Kodiak area, down past the Theta West-1 well in the southeast, which you can see labeled on the right side of the two pictures. Let's start by looking at the old seismic image from 2016 data on the left. First of all, in the very shallow area, there's absolutely no data. It was likely so bad that it was removed from the data set by the processing company. Even where you start to see the data below that, it's essentially uninterpretable. Any sort of mapping would be nearly impossible or require a lot of guessing to get something. Just compare that to the right. Compare the shallower section of the new data. The new data shows clear reservoir intervals and structural shapes of the formations. This detail provides important information for drilling operations, making sure there's no surprises, and early analysis is also showing additional prospects in the shallow zones, which could be similar to fields being developed to the west of our area. There's more work to be done, but it offers some potential exciting upside. Let's look specifically at the Basin Floor Fan, where we right now have all our resources in Kodiak. The area that's highlighted in the blue box at the bottom shows this. The new data clearly shows the structure and formation intervals. In particular, we're able to see contiguous intervals up dip from where the Theta West-1 successfully flowed oil. Up dip drilling can now target better reservoir properties while still maintaining that calibration with a successful test down dip. Finally, below the target zones in the Basin Floor Fan, we are also seeing multiple Kuparuk prospects. This formation's very productive in other areas than our slope, and the data we have from the penetrations down dip at Talitha- A and Pipeline State-1 indicate super exciting potential. How does this look on a map rather than just a cross-section? This image shows what is called AVO lithology. It has been used by our company for quite some time, but it's also been used successfully on the North Slope to identify hydrocarbon reservoirs, some of which are development and producing today. This image shows the top of the Basin Floor Fan interval in the up-dip area of the Kodiak. The red essentially is consistent with hydrocarbon-filled reservoir. You can see the kind of scale on the bottom there. What we're looking for is the red, and this is the old 2016 data. It shows the location of where Theta West-1 well is, there kind of in the lower right. Up dip to the northwest, the old data was not very compelling. You see lots of green and yellow, which in this case, are kind of more of the shaley-type intervals. But geological models suggested that we should see better properties up dip and the seismic just wasn't supporting it that strongly, particularly for picking a future well. You can see a future well nominally labeled in the middle of that chart. But remember the cross-section I showed earlier, and the challenges of trying to map and interpret with confidence? Let's just see how this translates across to the new data. This is 2026 data. It is completely different. You can see a possible location for an up dip well in an area in the red. It's consistent with hydrocarbon-filled reservoir like that found at Theta West-1, and not only there, but most of that up dip area. Now what I'm going to do is I'm going to toggle back and forth between this image and the original image, just so you can kind of see it very, very jump to life right on the screen. So 2016 before, 2026 after. Look for the red. The red is where we want to target. So 2016 before, 2026 after. As you can see, the difference is stark. They're side by side here. We've had this new data for just a short period of time, but the insights and confidence and excitement that it's generating is absolutely tremendous, and that's internally as well as some of the folks that are in our data rooms. Right now, we have more work to do, but we have an incredible foundation to build upon, and with possible access to the significant upside I alluded to earlier. With that, I'll hand back to you, Max. Yeah. Thanks, Erich. Everyone, you can see why Erich and I were chomping at the bit to do that. When you have seismic across the top of what you think is your best reservoir, and that's been certainly confirmed. Now onto the farm in itself. Given the Alaska context I shared and what you read about, I'm sure you can appreciate this has been quite a busy period. One thing I'll say upfront is this is not a commoditized asset. If this was 10,000 acres in the Permian, you auction that, because everyone knows exactly what 10,000 acres in the Permian is worth. You just have an auction, you take the highest price. This asset is unique. It's very, very large. It's on the crossroads of all infrastructure strategies, be they pipelines, data farms, egress from the National Petroleum Reserve, and we're mid-appraisal. We are being very careful with this as we farm it down to make sure we get the best deal for everyone and not jump to something. There has been a huge amount of interest. Majors, mid-caps, independents within that data set. Some are incumbents on the Lower Slope. Some people want to enter Alaska because that is where the large resources are. Large resources are getting hard to find in the Lower 48 these days. Some are upstream, some are midstream because of the location, location, where again, we sit right at the crossroads of all the infrastructure strategies as well. A bit of a pause over the summer, as Michael alluded to. There was a lot of interest in what happened in the state of Alaska associated with the gas pipeline. Many, many people glued to KTOO, watching the testimony and debate there. Everyone has sort of come to the same conclusion now what is going to happen there. Really, the closer we got to August, the more people said, "We have to see that seismic." That will confirm to us if this is good, bad or indifferent. That slowed down until now it was available, and as you can imagine, it has gotten very busy again. We did have one offer earlier in the year. The board and I thought we could do a lot better than that. Note that was pre new seismic. We certainly want to take advantage of our own appraisal work in all this as well. We moved on, and we have 10 companies shortlisted in the data room right now, as we disclosed this morning. Again, majors, mid-caps, independents, incumbents, non, new entrants, the whole list. Everyone is taking a very, very active interest in this. At the end of the day, for all of this, we want the best outcome for our shareholders. The least dilution, the best execution capability, the right pace for us. As we do this, we need to be very careful with our liquidity, as we mentioned in our release. It is an interim update, but you should take away that all the context you read in Alaska about the land grab, the Alaska is back on the map, all of that applies here. We need to be very, very cautious because we are playing with a very large, very valuable asset that our shareholders own, and we want to make sure we get the right deal in the end. It is an interim update, but a very positive one, I think. Now, before we close, Tralisa, we issued our mid-year results as well today, in addition to ridiculously good seismic and other things. Take everyone through our results. Thank you. Good afternoon, everyone. As Max mentioned, we took the approach at the start of the year to ensure that we were preserving our liquidity, while supporting the farm out process and also development planning. Those results for the six-month period that we just published is in line with that approach that we took to manage the business during the last six months. We undertook a huge exercise in terms of reviewing our cost structure. We did that exercise by looking at function by function and ensuring that we were being lean and that we were in fact supporting the farm out process. We are trying to find that balance. As a result of that, you would see that our operating loss for the period actually was reduced by $1.8 million. Of that $1.8 million, $1.5 million relates to a reduction in SG&A, and those are coming from a couple of functions. One, essentially accounting and legal services have been reduced. Third party technical services have also been reduced, and just in general, our employee cost also. So finding the balance between cost and the right fit for the organization to continue to support all the processes was really key for us in the last six months. Also included in that $1.8 million is a $300,000 decrease in stock-based compensation. This is non-cash. So when you think about the true cash reduction, we are talking about $1.5 million. I do want to reflect. Next slide, please. Sorry. Too far. Okay. I do want to talk a little bit about just our balance sheet in general, because there are a couple of things that I think that is key to us as we go into the next six months. Our E&E assets increased by $1.7 million from December to 30th of June, and I wanted to just talk that through for a second. Because we did say in prior guidance that we were not going to have any field activities. That increase actually relates largely to the cost of maintaining our leases. Overall, for any 12-month period, our cost to maintain our leases in good standing, it is $2.2 million. So what you are seeing in that $1.7 million is an amount related to our lease costs, and also costs related around keeping the optionality of the Nabors rig for future drilling, and just our general maintenance costs around the existing assets. No genuine field activities during the period. The big item on our balance sheet that we are looking at right now is the convertible bond. As you would notice, the convertible bond sits currently in the long-term liabilities. This will become a current liability for us in March of 2027, with the notional principal of $28.5 million being due on March of 2028. We are looking at options around the settlement of this bond when it becomes due. It's an ongoing process at this time. Just wanted to acknowledge that it is at the forefront of our mind. Cash and cash runway. We ended the six months ended June 30 with $10.2 million. Our current cash balance as of Friday, it's $5.5 million. We expect that that cash will be enough to support the company through the end of the year. We are still trying to maintain and ensure that we manage our cash runway, and that the cash is actually supporting the farm-out process that's going on. We want to make sure that we use that cash to ensure that we've got financial flexibility to allow that process to continue, and progress on the right terms. With that, I will hand it back to Max. Oh, sorry, to Nathan. Sorry. Thanks, Tralisa. That concludes our prepared remarks. Now we will compile the questions that have been coming in. Many were pre-submitted. We have all those in hand. I also see on our live question portal we have a lot, so that's great. Thank you. We've also received some from the research analyst community. We much appreciate those as well. As we're getting all those lined up, I will hand the mic back over to Max to lead the Q&A. Thank you. Thanks, Nathan, and thanks to everyone for the presentation. Hopefully everyone's as excited as we are. We're in a good spot here. I think the first question is a good one, which is, why didn't the board accept the firm offer you mentioned? Wouldn't that have been a big positive for the company? We happen to have the chairman of the board on today. Michael, why didn't we accept that deal? Max, we were obviously grateful to receive an offer. Of course we were. Thank you to the company, unnamed of course, who made the offer. I respect them. I have a very high regard for the people involved, and we owe them every degree of gratitude. The reality is that we believe our asset is worth more than they were offering. I think rushing into the first deal is not necessarily the right thing to do. It would have made our lives a little bit easier, perhaps, but I don't think it was the right deal for us to do. I said that then, you and I agreed on it. By the way, we still have the same view today. Of course, if they would like to reengage at a different level, then we would be very open-minded to that. That's another matter. As I mentioned earlier, quite rationally, everybody in our data room wanted to see the full results of our seismic data before they put down a firm offer. Why would you not? That would be illogical to make an offer before they had seen all the information. That's taken several months, which is one of the reasons our aspirations or our initial hopes to have a deal discussed and concluded by the end of the summer proved to be overoptimistic. All the other participants there wanted to see all the seismic data, and they now have pretty much done so. I think the tempo of our dialogue is going to increase significantly going forward. Let us hope also that we get clarification on the gas pipeline. If that comes through as we expect to be positive, that would be a dramatic boost to our negotiating opportunities. Yeah, I agree with everything you said, Michael. Well said. The next one is probably a combination for myself and Erich. The question is, following completion of the seismic reprocessing, does Pantheon currently expect both Kodiak and Dubhe production testing to form part of the 2026 winter program, subject to funding? I'm sure you've noticed that there's been quite a shift in emphasis from what I call the satellites, Ahpun and Alkaid, to Kodiak. There's a reason for that. I've been doing this for over 35 years now, and it's sort of an unwritten rule of oil and gas is you always develop your best reservoir first. That's where your capital efficiency's going to be, and that's where your greatest volume is going to be. Once you build the infrastructure, you can tie in satellites. I believe that Kodiak is our best asset by a mile, and that Erich and I had a strong view that the up-dip was going to prove to be the best within the best. Now we've reprocessed the data, that certainly has underlined that the up-dip Kodiak is the best asset we have, so you want to develop that first. Our first activities will be Kodiak. We haven't forgotten about Ahpun and Alkaid. Those satellites will be important in the future, but the really value creation for our shareholders starts with Kodiak. Erich, you want to add to that? Just to reinforce a couple points and provide maybe a little bit of detail. As Max said, every good oil company drills the best rocks first, and Kodiak is that. Kodiak is our priority. I showed on the seismic, I showed that future well. We'll be doing a bit of refinement, but I think the seismic gives us every confidence that we have line of sight to a perfect target or at least the next target for Kodiak. Bringing the conversation and the question to Dubhe, we still have the rig. The rig's still sitting on the Dubhe pad right now. Whether you look on Apple Maps, which might be a little bit out of date, but you can actually see it still sitting on Dubhe pad today. Dubhe, we still have work to do. I think there's some questions coming in live around the pressure buildup. The pressure buildup has definitely reached a point where we've gotten the information we need. We just need to get in there and recover the data. It's a memory data, so we'll get that pressure data back. That'll be incredibly useful to understand the performance of that reservoir. Then we definitely intend to move forward with a flow back at the right time. We want to probably re-complete the well to get the right lift to recover some of the fluids that we put in there from the stimulation, and we just need to coordinate the right time for that. The other piece I will, this is on the back of the seismic, the story I will recover or come back to, is the seismic pictures I show, if you remember, are in the up-dip part of the Kodiak field, so the northwest. We do have a program that will repeat similar technology over into the Dubhe area, and that will provide additional ability to really understand the whole area and its potential as well. There's also additional work to do around understanding the stimulation techniques. We could actually potentially go in and re-stimulate a new part of that well. Anyway, a lot of really exciting stuff, a lot of interesting stuff that we've talked with our potential joint venture investors. Definitely not, in either case, something we've given up on. Excellent. Next one, this is a pre-submitted question, so we covered some of it. It is to do with the current state of farm-out discussions. Are you progressing talks with more than one party? Yes, 10. Is the deal achievable in time progressing intended winter drill? That is a great question. As Erich said, you can see over my shoulder, the big blue rig is sitting patiently on the pad. We have a location to drill, but we cannot really predict when a deal will ultimately be transacted. But if we can drill a well, we will, I would say to that. Next question is one for you, Tralisa. I think you covered most of this. What is our financial situation? Actually, Max, if I could interrupt for a moment there, just saying. Yeah. Refresh what we said in our data release. We will not drill a well this winter season on our own. We would only do it in the event we achieve a farm-out and that the farm-out partners provide the financing that we can do it this winter. Which is possible, certainly it is possible, but by no means, obviously, we do not know the outcome. Yes, and we believe that is the best outcome for shareholder value creation. That is why we are doing that. So we have three questions from analysts that cover us. Let us answer those. Charlie Sharp from Canaccord Genuity. So I got a three-part question. First one is for you, Erich. To provide more detail on why the technical confidence has increased in light of the seismic results, why do you think it is better? Yeah, I think I hopefully, during the presentation, showed just two pictures. The first one, which was the cross-section, it does a few elements. That cross-section one, first of all, where we are looking for in the rock itself, the target zone, we can easily map what is there. We can not only map what is there because we see it, but also because we can calibrate it to the Theta West-1 well. Even if you look further down dip, we can try to infer what the seismic might look like further down dip. So we can see the rock. The other thing, if you remember the red picture that we showed earlier, we actually now have evidence consistent with our geological views and all the data we collected previously that says up dip we are likely to find it is all consistent with hydrocarbon filled. For the most part, we can really target where we want to in the reservoir itself. I think the other piece as well, that shallow section, if you remember that cross-section I showed, we did not know what we were going to go through. There are two pieces of that. There is one element, one is around drilling hazards. Sometimes you go through some tricky formations, and you want to be prepared for those. So it actually helps mitigate some of the risk in terms of our drilling operations, first of all. But second of all, more importantly, as I alluded to, there is some pretty interesting stuff there. We are seeing some anomalies that could be additional resources. Anyway, it gives us a chance to plan ahead, avoid the downside operational risks, but also design our program so that we can really appraise and test potentially some other zones. So pretty exciting, pretty exciting to look forward. I love the second part of this question. Give a flavor on the diversity and appetite for U.S. resources in light of the macroeconomic conditions. This is one of the primary things that attracted the new management team to Pantheon. I spent the last decade in the unconventional world, so in the Permian and the Montney. Everyone is running out of inventory, and a huge amount of the reserves are sitting in an area they are running out of inventory. So the question is: where is the capital going to flow? It really has two choices, international or Alaska. I think people are learning that geopolitical risk is as difficult or more difficult than technical risk, depending where you go around the world. Alaska is a safe haven. So again, to quote the governor, "Alaska's back on the map." Capital is flowing to Alaska massively, not only for upstream operators, but also consumers, because egress from Alaska is coming through a safe corridor to the Asian markets. Again, right up our alley. As part three is similar, can you expand upon your view of the gas pipeline issues? Well, there's really a singular issue there. I think Glenfarne and the Alaska Gas Development Corporation are in great shape for this project. It appears to be very commercial and everything is ready to go, and satisfies domestic issues in Alaska as well as access to international markets. It's going to run its course politically, but again, this is an 80%-90% positive issue in the state. There aren't very many people who say, "Don't do a pipeline." They just want to make sure that the ultimate terms are in the best interest of the citizens. So we're very bullish on it. Michael, did you have any comment on that yourself from your perspective? Personally not. Obviously, we all agree and we've agreed for a long time that Alaska is in a particularly unique position, particularly given what's happened obviously in the Middle East recently. Yes, as and when we get approval for the Alaska gas pipeline, that will absolutely underline more strongly than we could have reasonably hoped the value of our asset. Okay. Here's one for you and me, Erich, actually. This is from Dan Slater at Zeus Capital. Does the potential 25% resource upgrade change our development approach to Kodiak? I'll start that one. It reinforces our hypothesis, which is you always start with the best reservoir first, and we've just unveiled our best reservoir. But Erich, anything you want to add to that? Yeah, just a little bit. I do not want to repeat some of the comments I made earlier because a lot of those do answer the question in some way. I think we have a reasonable confidence even with the older seismic of where to target. The new seismic, it is lighting up, it is blowing up the story, kind of like we hoped, and allows us to get to that next fine level of detail. I think the upside resource particularly, that we can see, it is just pretty stark picture, that red map I showed, but also just the other upside potential we see around maybe we design the well slightly differently, not compromising our real objective on Kodiak, but to target those shallower zones that we are seeing, potentially appraise some Kuparuk. Those could be some fascinating upside. They are definitely not the scale of Kodiak, so we will not lose sight of that number one priority. But at the same time, there would be tremendous upside to add to our portfolio, particularly because they may be very high rate wells. So would not necessarily put all of our focus on those because the scale is not big, but the rate would be fantastic for early development, particularly as we are just getting the infrastructure paid for at the front end. Okay. The last one from the analysts that pre-prepared, then we will go to the live ones. Brendan Long from OAK Securities. It is a very interesting question. In the context of our farm-in process, can you provide your thinking in relation to the strategic value of retaining operatorship? That is a great question. Really, economically, you want the best operator operating. I will start by saying that. But usually the majority owner is the one who operates. But in our case, there is lots of options around that. When you operate, you control the activity, and as a company, you also develop your capability by operating. But we have not considered one or the other here. It really depends on the nature of the counterparty. We have many. But we will get to that in due course, but it is something we are thinking about hard, obviously, as we go through this. Max, I just seen one of the questions that has come through. Okay. From Jonathan G. A macro environment could not be better for Pantheon, which is true. I assume with seismic hand we drive a deal and demand urgency from interested parties. When is the deadline for bids to be submitted? This is a difficult issue. As you mentioned earlier, Max, we have 10 participants in the data center at the moment. They all move at different speeds. Some of them are big, some of them are smaller, some are more agile, and some of them are less agile. That's not a criticism, it's merely an observation. So Jonathan, it's not practical for us to say, "Here is a deadline." We have to make our judgment, which we have exercised already, obviously, as to what is a good and fair deal. We've got our own parameters for that and our own confidence in that, and when any of those parties in our data room come up with a proposition that genuinely, realistically represents the value that we believe we have and we feel comfortable that we can work with them, then we will do a deal. This is not speed dating. It would be ill advised if we were to embark upon that. I think it would be ill advised if we gave deadlines because we would be cutting out many. Not many actually, but a small number of potential parties. Yeah, I agree completely. My remarks earlier, we can't auction this asset. It's too large, too unique. Every counterparty for. We'll push the schedule obviously, but we have to work within their constraints to get the best deal for our shareholders here. We do not want to artificially curtail this and get a bad deal. Also, I think another thing that's worth saying, if I might, is that we have put aside the prospect of doing a drill on our own balance sheet this year. Yes. We will need to do a modest fundraising, not a large one, $10 million-$15 million, which given our market cap is over $200 million, is not overly challenging. I have, by the way, said that IPGL, my vehicle as the largest shareholder, I will stand by to support that pro rata. My confidence remains completely there. We will get funding through till next year, till toward the end of next year. I think we are, and I share this with all of you shareholders out there. I know it is frustrating that we are not here today sharing with you great news that we have got a wonderful partner as a farm-in partner, but you do not want us to undersell this asset. You really do not. Yeah. We have got a gem here, and if we rush to sell it cheaply, I think we will all regret it ultimately. We will be able to raise those funds, and that will give us time on our side. That does not mean to say we are not pursuing every avenue with urgency and energy, but it means we are not going to accept the first, well, the second proposal we will make unless it is a good one. Yeah, and that is related to Julian, your question. Clearly all farm-in partners now know our cash position, can that be used against us in negotiations? It will possibly, and that is why we are being very, very careful with our liquidity position. Tralisa watches us like a hawk, and so we live within our means, but we are also looking at what is required to sustain us through a position of strength through this process. This one requires a little bit of an Alaskan story. How did the 2016 seismic get it so badly wrong? The Alaska story here is, a tax system went in around 2010 called the Alaska Clear and Equitable Share, that was basically designed to promote exploration. The predecessor private company called Great Bear lived off of that. A new governor came in and basically chose not to pay those tax credits anymore. That was 2016, and that is the exact year that 2016 would have been reprocessed. The bare minimum was done presumably because the contractor was not being paid, and that is what got Erich some attention when we arrived, was like, "Oh my God, we have to process this data, and that is not what the data should be saying." So it is really an Alaska story, but we have overcome that. I have an answer to this one, but I will defer to the chairman. Are you considering full buyout as opposed to farm-out? No. We'll consider any proposal that's made to us, by the way, and if we're presented with a full buyout that we really think is unrefusable, at the end of the day there comes a price at which you have to accept it, then of course we'll contemplate it. That's not what we're seeking at the moment. By the way, there's an email, one of the messages here. You mentioned farm-out and then you mentioned farm-down. I'm sorry if I said farm-down. They're all the same thing to me. Sorry if I'm clumsy. We are seeking a partner to develop our fields, and that is our primary objective. We are not seeking to sell the business. Having said that, if somebody makes us an unrefusable offer, an unrefusable offer is an unrefusable offer. There's another question here. Can you raise $ 10 million-$ 15 million at the market price rather than offering at a discount? Have a gem. Listen, we are not rushing into the raise, okay? We've made it clear that our fund raise, we've got the liquidity keepers going for several more months, as you know. This is not an emergency fund raise. It is merely we need to raise funds at some point between now and the end of this year. I have said, as I've already mentioned, that my company as the largest shareholder, I will support pro rata that fund raise, and we will do it when we feel the time is right. We don't want to rush into it as happened in the past, and we're here to raise it on the best terms. We want to see how our share price reacts to the statements we've made today. We believe they're positive, we believe they're encouraging. We believe they should give confidence to our investors, and indeed our share price has gone up modestly today, which I think is a very nice and confident and appropriate response. I would like to believe it'll continue to go up anyway over the next weeks and months. We will raise some more funds and it will be a good investment in my opinion. Of course, I wouldn't do it myself if I didn't believe that. That will give us time on our side so that we are not in any sense pushed or concertinaed by our liquidity to make a rush judgment. Okay. Lex, thank you for your accolade. That's very nice. One for you, Erich, and a little bit about myself. Are you still confident in Kuparuk given the oil wet characteristic found at Talitha? We've never included Kuparuk in our resource estimates, although we know it's there. It's deep and it's highly overpressured, and very difficult to drill, but we know it's oil-bearing. The question is when do we get to that? We'll see. We're very confident of Kuparuk. It may or may not be the thing we do first because it's deep and tricky, but it's just another addition to an already vast resource inventory that we're sitting on. Erich, anything else? The only thing I would say is the operations in that well and the way that it was tested just left a question mark really, more than anything else. I think there's some big lessons to be learned if we go back and test it, which I think we ultimately will, given the potential. We're going to do some things differently. I think right now it's inconclusive. As I dig into that, as Max says, there was oil there. We know there was oil there. When we did flow test, we're not sure what we tested. Just a lot more to do and a lot of potential. So I think definitely want to go back at the right time. There's a couple of questions here I was going to answer. Yeah, go ahead, Mike. What is the latest deal that can be done for winter drill on Kodiak? From Mick. Mick, that is a perfectly fair question. We discussed it internally. If we are going to drill this winter, we need to do a deal pretty damn quickly, and at this moment, I cannot represent to you that that is likely. Our internal assumption is there will not be a drill this year. By the way, it is possible it may change. Bear in mind, just so we know, whether we drill this year or not, of course, may be exciting and exhilarating for you as a shareholder, but it is only worth doing if it is on the right terms for us. We have got a genuine first-class asset here. By the way, I am a pretty big shareholder, too. I do not want to be rushed into doing a deal because we can drill sooner if we have got a much better deal if we are a bit more patient. There is another question here. Is there a possibility of rare earth minerals? By the way, we have not thought about that. That is not on our agenda. Maybe it should be. Our main agenda is to find a partner so we can prove that we have got a huge prospect in oil and gas here. There is another one, I think, which suggests we complete the W. Kodiak is our biggest, best field. We have done the seismic on it. We can now have a truly, hopefully, laser-focused approach to drilling Kodiak. We do not want to go anywhere else for our next big drill. Whether it is us alone, unlikely, but who knows, but with our farm out partners. Okay, here is one that is useful. From Mario. Thanks, Mario. The old management team used to tell shareholders that they were targeting a $5 bbl market recognition. Is this still valid? That was really done to demonstrate the asymmetry of the portfolio. If you multiply a couple billion barrels by $5, that is a very, very large number. New management team is thinking, "Let us make our first development as commercial as possible." $5 is probably a modest number, actually. It really depends what the oil price is at the time. We are not trying to sort of FID all of Kodiak at once. We are going to prove it up, do a development, and generate free cash flow for our shareholders. That is what we are trying to do. Can I just cover a couple of questions? Yeah. Kevin B., can you please confirm again that a farm-in partner, farm-in, farm-out, for winter drill is first priority? Our first priority is to find the right farm-out partner. We haven't set a time horizon on it. Yes, if it happened quickly, we'd be thrilled. But we're not going to do a quickie deal if it turns up tomorrow if we don't think it's the right deal. As I said earlier, we'd love to drill this winter. We believe it would be a successful drill. We really do. And we really know where we think we should go. We have it pinpointed on our map. I know it's difficult in the financial world to be patient, but believe you me, this is a moment where patience is the right thing to do rather than rush into doing something prematurely. There's another question here. Thank you for your hard work, Nicholas K. When was the seismic pre-processing completed? So far as I'm aware, Erich, is the seismic process completely completed or not completely completed? Yes, so this is what we might describe the phase I seismic, which was very much focused on the up-dip of Kodiak. And for those geophysicists out there, it's in time rather than depth as an alternative. And what the phase II program is, as I alluded to earlier around the Dubhe area and any of the rest of the Ahpun area as well as down-dip Kodiak is there's a phase II which would repeat that process using all of the learning and new technology that's been applied to do that in time, and then you can convert the whole thing into depth as well. So there is more to do. I don't think it influences our ability necessarily to pick the right spot in Kodiak, but it's absolutely important as we develop these fields moving forward and having the right portfolio. You can imagine our newest dataset was from 2016. Imagine the way digital has changed over the last 10 years. The technology is transformed. Just getting that in one piece all integrated is going to be transformational. Anyway, it's part of a big program, but one thing that's good is this phase program has proved that we have the right underlying data and the technology out there working with the right partner. Working closely with the right partner on a day-by-day basis is going to provide huge dividends. For the non-geophysicists on the call, there's a seismic data set that they give us, which has been calibrated and ready for interpretation, then they hand us a geophysicist to interpret. That's what our guys will be doing for some time here. But that's why we gave it to the farminee so quick. We wanted them to have the raw data so they could come to their own conclusions, because we think their conclusions will be our conclusions, which would accelerate a transaction. Just going to a couple of other quick questions here. Can we drill outside of winter? So far, summer well, we can't drill outside of winter. We can only drill outside of winter on gravel pads. So if we have a gravel pad, we have three of them, so we can drill there. But for Kodiak, that's restricted to the winter. All right. Another question I don't fully understand. Are you doing sufficient research in interested companies to be able to make an inform when cash becomes low towards the end of this year? It's in the public domain that we have the cash that takes us to the end of this year, maybe into the early part of new year. We were not rushing into a cash raise because we've been doing a lot of investor meetings recently. Max has done a load of those, and we have seen considerable office of support, and we wanted to handle this in a courteous and professional and timely fashion, not some rush shotgun job. We clearly wanted the minimal discount to the current share price, and hopefully the share price might go up. In my opinion, should go up, but that's a different opinion. As I said, I will support it personally. We wanted our fundraise in a timely fashion. This is not a sprint. We will do it. I am confident we will get it done at the right price at the right time. The other half of that question is the team we have assembled here. These are people that worked all over the world and know all these companies. It is not like we just fell off the back of a watermelon truck. We know all these companies in our data room. We know all about them. We have done a lot of research, but we actually know them very well and have worked with most of them before. Here is the last one, then we should probably have closing comments. This is actually a big positive for us this year, which we did not talk about. Erich, any plans for the Megrez well? Oh, yeah. Back to the question around where you can drill from and our pads. For those that have been with us and know our infrastructure, we have the three pads. We have an Alkaid pad to the north, Megrez is in the middle, and then we have W in the south. One of the things that really challenged us on the W flow back, and those might remember, was how much money we were spending. One of the biggest drivers for the cost of our flow back was around water disposal. One thing we wanted to do was to become self-sufficient on water disposal. One thing when we produced the Megrez, the shallowest zone on Megrez, we did not stimulate that. We did not have this confusing story of stimulation fluids coming back. We just produced it. It is extremely prolific formation, produced thousands of barrels a day equivalent with minimal effort. What we said is, "Well, let us repurpose that shallow bit for water disposal." We have more recently gone to public hearing with the regulator in Alaska. We think we have closed out all the actions, and we are in the process of going through approval to be able to repurpose that well for disposal as well. Anyway, a huge financial lever for us to make things more productive and probably the underlying question, what about the reservoirs, the deeper reservoirs, which were the target reservoirs? They are good potential. They could be a future satellite. We did get core. We did see oil shows there. When we have the infrastructure in place, this could be an additional satellite. We haven't written it off fully, but at the moment, it definitely does not compete with the other assets, and particularly what we're seeing in Kodiak. Stephen, there's an interesting question here that was sent to me, actually, Julian. Very courteous. "With all due respect, wouldn't any potential partner just wait out to put the screws on us? I think your whole team overestimate the market's ability to wait Pantheon out." This all depends on a fundamental thesis, whether we have a great asset here or not. If you don't think it's a great asset, we're in trouble. Everything I have seen and even learned in the past six months underscores the fact that this is a considerably valuable asset. We would not have the number of parties in our data room today and still in our data room today and still looking through our seismic if this was a waste of time. I'm sure they've got better things to do. I've certainly got better things to do, too. This is not a valueless asset. Admittedly, what you're saying there is a component of a game of poker here. Of course, there is. We have a valuable asset. They want to buy it cheaply. We want to sell it expensively. But we will raise the cash to keep us liquid for the next 12 months. The quantum is not dramatic. We've cut our cash flow down significantly again, so we can stay at the poker table for quite a while. Julian and y ou can always try shorting the stock if you want, and we'll see if you want to give that a go. My view is that we're unlikely to drill this year, as we've said. It's possible we do a wonderful deal in the next couple of months and we drill. That's not what we're expecting. What we believe is the seismic has really illuminated very considerably the value of our asset. All of the participants in the data room now have that data, and we believe that we will find one or more amongst them who are prepared to make a very commercial discussion with us. Why not? The prize is a big one. There is a hell of a lot of oil out there. A hell of a lot of oil. Why would they not want it? Not only that, gas. There's a gas pipeline that is very highly likely to be built there. If our beliefs are accurate, this is a big opportunity for an organization that has the capital to see it through. Yes. I'll leave that thought with you. Yeah, I would agree with your thesis there, Michael. Remember when I said competition is good? If the only two people in our data room were the two incumbents on North Slope Alaska, I would be intensely worried about that statement. 10 people in a data room. It's competitive amongst them, so all 10 of them are not going to collude and wait us out, because then there's no honor among thieves who gets it. I don't worry about that at all. Just to close this out, we're a little over time. Thanks for your time, everyone. I hope you heard today pretty massive momentum for Pantheon based on our own work but also enabled by Alaska firmly on the map for upstream operators and access to markets. We've told you repeatedly today that patience is important. This is a very valuable asset. Prudence and discipline are required. No shooting from the hip. Those days are over. We're going to take our time and do what's right for the shareholders and keep you abreast along the way. I'll close with that. Michael, as chairman, you get the last word, of course, so close us out. Thank you, all of you, for joining today. We really appreciate it. We really appreciate your support. I am fully sympathetic with all those shareholders who, like me I might add, have been there for a long time and seen the stock price go up and then down again and then down again. Let me tell you, I share your sympathies. I am with you. But as the biggest shareholder, I can tell you sitting on the inside here, I believe this story is one you should stay with. This is still deliverable. It will be delivered. We will get there. Have faith. Do not lose your nerve now. Okay? Sure. Cheers, guys. Have a good day. All right. Thank you, everyone. Back to you, Mark. Thank you, Max, Michael, the rest of the team. Thank you for updating your investigation. Gentlemen, please do not close this session, as we will now redirect you for your feedback in order that the management team can really better understand your views and expectations. It will only take a couple of moments to complete, but I am sure it will be greatly valued by the company. On behalf of the management team of Pantheon Resources plc, thank you for your time this evening.