REG - Pantheon Resources - Appointment of Executive Chairman

Pantheon ResourcesAnnouncement

08/06/2023 07:00

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RNS Number : 0176C  Pantheon Resources PLC  08 June 2023

 

 

8 June 2023

 

Pantheon Resources plc

Appointment of Executive Chairman

 

Pantheon Resources plc ("Pantheon" or "the Company"), the AIM-quoted oil and
gas company with a 100% working interest in all of its oil projects spanning
c. 193,000 acres adjacent and near to transportation and pipeline
infrastructure on the Alaska North Slope ("ANS"), announces that Phillip Gobe
has informed the Company of his intention to retire and the Board has elected
David Hobbs as Chairman, with the intention for him to become Executive
Chairman upon execution of an employment agreement.

 

Phillip joined the Board in 2016 and became Chairman in October 2017. Since
that time, he has overseen the transformation of the Company from a
non-operating working interest owner in Texas to become an operating company
with 100% working interest in what the Company estimates to be over 2 billion
barrels of contingent resources on the North Slope of Alaska.

David joined Pantheon's Board in March 2023 with the goal of helping to
sharpen the Company's strategic focus and improve communication with
investors. As Executive Chairman, he will work with the existing management
team to broaden the recognition of the value of the Company's assets and to
build on the operational, financial and commercial capabilities of the
organisation.

 

The Company will provide an update on the overall strategic plan and
activities to deliver it at the webinar, previously announced, which will be
held on 28(th) June 2023.

 

The Company recognises that as a consequence of these board changes,
additional independent non-executive appointments will be required and the
Company has already initiated a process in this regard.

 

Jay Cheatham, CEO of Pantheon Resources, said: "I'm excited to welcome David
as Executive Chairman of Pantheon. As we move forward into a new phase for
Pantheon, David brings a wealth of knowledge and experience that is extremely
desirable. We will now work together to develop the framework of complimentary
roles for David as Executive Chairman and myself as CEO.

 

"I am sad to see Phillip step aside. I will miss Phillip's wise counsel on so
many fronts, especially his calmness and experience. Phillip first joined
Pantheon as a Non-Executive Director and then succeeded John Walmsley as
Chairman. During Phillip's tenure, we successfully merged with Great Bear and
developed the current Alaskan asset base that we consider to be world class.
Phillip leaves the Company in a much stronger position than when he joined.
Phillip thank you for your counsel and service."

 

-ENDS-

Further information, please contact:

 

 Pantheon Resources plc                                       +44 20 7484 5361
 Jay Cheatham, CEO
 Justin Hondris, Director, Finance and Corporate Development

 Canaccord Genuity Limited (Nominated Adviser and broker)
 Henry Fitzgerald-O'Connor                                    +44 20 7523 8000

 James Asensio

 Gordon Hamilton

 BlytheRay
 Tim Blythe, Megan Ray, Matthew Bowld                         +44 20 7138 3204

 

 

 

 

Notes to Editors

Pantheon Resources plc is an AIM listed Oil & Gas company focused on
several large projects located on the North Slope of Alaska ("ANS"),
onshore USA where it has a 100% working interest in 193,000 highly
prospective acres with potential for multi billion barrels of oil recoverable.
A major differentiator to other ANS projects is its close proximity to
transport and pipeline infrastructure which offers a significant competitive
advantage to Pantheon, allowing for materially lower capital costs and much
quicker development times. The Group's stated objective is to create material
value for its stakeholders through oil exploration, appraisal and development
activities in high impact, highly prospective conventional assets, in
the USA; a highly established region for energy production with
infrastructure, skilled personnel and low sovereign risk. All operations are
onshore USA, with drilling costs materially below that of offshore wells.

 

 

 

 

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