REG - Pantheon Resources - Board Changes, AGM & Webinar Update

Pantheon ResourcesAnnouncement

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RNS Number : 3174W  Pantheon Resources PLC  12 March 2026

 

12 March 2026

 

Pantheon Resources plc

 

Board Changes, AGM & Webinar Update

 

Pantheon Resources plc (AIM:PANR, OTCQX: PTHRF) ("Pantheon" or the
"Company"), the oil and gas company developing the Kodiak and Ahpun oil
fields in close proximity to pipeline and transportation infrastructure
on Alaska's North Slope, is pleased to announce the intended appointment of
Lord Spencer of Alresford ("Michael Spencer") as its new Chairman. The Board
intends to appoint him to his new role immediately after the close of the
Company Annual General Meeting ("AGM") on Thursday 12 March 2026.

 

The appointment follows the decision of David Hobbs to stand down as both
Chairman and as a Director of the Company at the close of the AGM.
Accordingly, Resolution 5 in the Notice of AGM will no longer be put to
shareholders.

 

Furthermore, Jeremy Brest will also stand down as Non-Executive Director at
the close of the AGM, and Resolution 2 in the Notice of AGM will no longer be
put to shareholders. As previously announced, Linda Havard has resigned and
therefore Resolution 4 in the Notice of AGM will also no longer be put to
shareholders.

 

Finally, the Board intends to appoint David Wilkins as Non-Executive Director
following the close of the AGM.

 

Michael Spencer is one of Britain's most successful entrepreneurs. He founded
the financial broking firm ICAP in 1986, which grew to be the world's biggest
broking firm and a constituent of the FTSE100. The business was renamed NEX
and then sold to CME, the global financial markets group in 2018. Since then,
Michael has become an active investor in a wide range of emerging businesses
through his private family office, IPGL. He is Chairman of AIM-listed Chapel
Down, Britain's largest winemaker, and Chairman of the Centre for Policy
Studies.

 

David Wilkins has over 40 years of oil and gas upstream drilling, engineering
and operations experience with Dowell-Schlumberger, Marathon Oil and Hilcorp
Energy across international and domestic producing basins, including Alaska.
He served as the Senior Vice President for Hilcorp Alaska from 2015 until
retiring in 2022. During this time, Hilcorp drilled hundreds of wells in the
Cook Inlet and North Slope basins, made several acquisitions of legacy
producing assets and tripled production. He is a Petroleum Engineering
graduate from West Virginia University (1985) and a lifetime member of the
Society of Petroleum Engineers.

 

David Hobbs said: "It has been a privilege to serve Pantheon during the past
three years. Our progress over the past year in particular has not been
strong. As Chairman I take responsibility for that. It is time for new energy
in the Company's leadership to maximise the value of its assets and ensure it
delivers on the enormous promise that it holds. To that end, I am delighted
that Michael Spencer has accepted the Board's invitation to become Chairman.
He has vast experience of the corporate world across many different situations
and industries, and I am confident he will lead the team in charting the way
forward. On behalf of the Board, I would also like to express our appreciation
for all Jeremy has brought to the Company these past years."

 

Michael Spencer said: "Pantheon has excellent assets and great potential but
that is sadly not reflected in today's depressed share price. As a major
shareholder in the Company, I am looking forward to working with the Board
including incoming NED David Wilkins, and Max Easley, the Chief Executive.
With his team, we will together determine the best route to unlock the value
we all agree exists in our resources and acreage. I am looking forward to
updating shareholders on our progress in the months to come."

 

 

 

AGM & Webinar Update

 

As previously stated, the Company's AGM will be held virtually on Thursday,
12 March 2026 at 3:00 pm GMT. The meeting will be hosted by Computershare and
chaired in person from Pantheon's Houston office at 2603 Augusta Drive, Ground
Floor Conference Centre, Houston, Texas 77057. Registered shareholders will
have full voting functionality.

 

Following the AGM, the Company will be hosting a separate investor webinar on
the Investor Meet Company Platform at 4:00 pm GMT. Given today's Board
changes, the Company will no longer be conducting a shareholder presentation.
Instead, incoming Chairman, Michael Spencer, and CEO, Max Easley, will provide
a brief operating update and provide shareholders with the opportunity to ask
questions. The operating update will confirm that during the period when farm
in discussions are in progress, with a number of companies actively engaged in
the Company's data room at present, no further material well operations will
be conducted. On this basis, available funds are sufficient for the remainder
of calendar year 2026. Pantheon will provide subsequent updates to
shareholders on its progress later in the year.

 

The post-AGM investor webinar is open to all existing and potential
shareholders. Pre‑registration is available at:

https://www.investormeetcompany.com/pantheon-resources-plc/register-investor
(https://www.investormeetcompany.com/pantheon-resources-plc/register-investor)
.

 

Further details on the logistics for this year's AGM are set out in the Notice
of AGM which is available on the Shareholder Documents section of the
Company's website and which was previously posted to registered holders.

 

Further information on the Director Appointments:

The following details in relation to the appointment of Michael Spencer and
David Wilkins is disclosed in accordance with AIM Rule 17 and Schedule 2(g) of
the AIM Rules:

Michael Alan Spencer (aged 70) has held the following directorships and/or
partnerships in the past five years.

 Current Directorships/Partnerships                   Past Directorships/Partnerships (last five years)
 Bordeaux Index Limited                               Glasswall (IP) Limited
 Centre For Policy Studies Limited                    Glasswall Holdings Limited
 Chapel Down Group PLC                                Glasswall Solutions Limited
 DD&Co Limited                                        Singapore Life Holding PTE Limited
 DDCAP Limited                                        Singapore Life Ltd
 DDGI Limited                                         Tellimer Group Ltd
 IPGL (Holdings) Limited                              IPGL No 2 Ltd
 IPGL Limited                                         IPGL No 8 Ltd
 IPGL No. 7 Ltd                                       C&UCO Properties Limited
 IPGL No. 11 Ltd                                      Superdielectrics Ltd
 IPGL No. 12 LLP                                      Superdielectrics Supercap Ltd
 Insurwave Limited                                    IPGL NO.14 LTD
 Nutshell Asset Management
 Sirai House Limited
 Sirai Management Ltd
 Sirai Stud Ltd
 Sirai Aviation Ltd
 Sirai Grazing Ltd
 Kilifi Estates Ltd
 Sunsave Group Ltd
 Superdielectrics Group plc
 The Conservative Party Foundation Limited
 UK Tote Group Limited
 Wezen Bidco Limited
 SCI Saint Remy Du Mas De Berard
 Societe Civile D'Exploitation Agricole Les Oliviers
 Ethos Exchange Limited

 

Michael Spencer is interested in 83,993,558 shares in Pantheon representing
5.8% of the currently issued share capital. 15,957,230 shares are held
directly in his name and 68,036,328 are held through his wholly owned entity,
IPGL Limited. Mr Spencer is also the holder of 22,514,201.00 Financial
instruments of similar economic effect (directly and indirectly through IPGL
Limited), representing 1.6% of the currently issued share capital of Pantheon.

David Scott Wilkins (aged 63) has held the following directorships and/or
partnerships in the past five years.

 Current Directorships/Partnerships  Past Directorships/Partnerships (last five years)
 Wilkins Management Trust

 

There is no further information to be disclosed in relation to the
appointments of Michael Spencer and David Wilkins pursuant to AIM Rule 17 or
Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies.

 

-ENDS-

 

Further information:

 

 Pantheon Resources plc
 David Hobbs, Chairman                                              contact@pantheonresources.com (mailto:contact@pantheonresources.com)

 Max Easley, Chief Executive Officer

 Justin Hondris, SVP, Investor Relations

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

 Charlie Hammond

 Oak Securities (Joint Broker)                                      +44 20 3973 3678
 Jerry Keen

 BlytheRay (Corporate Communications)                               +44 20 7138 3204
 Tim Blythe                                                         pantheon@blytheray.com (mailto:pantheon@blytheray.com)

 Matthew Bowld

 MZ Group (USA Investor Relations
 Contact)

 Lucas Zimmerman

 Ian Scargill

The information contained within this Announcement is deemed by Pantheon
Resources PLC to constitute inside information as stipulated under the Market
Abuse Regulation (EU) No. 596/2014 as it forms part of UK law by virtue of
the European Union (Withdrawal) Act 2018 ("MAR").

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