REG - Pantheon Resources - Retirement of Director

Pantheon ResourcesAnnouncement

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RNS Number : 4761L  Pantheon Resources PLC  15 December 2025

 

15 December 2025

Pantheon Resources plc

Retirement of Director

The Board of Pantheon Resources plc (AIM: PANR, OTCQX: PTHRF) ("Pantheon",
the "Group" or the "Company"), the oil and gas company developing the Kodiak
and Ahpun oil fields immediately adjacent to pipeline and transportation
infrastructure on Alaska's North Slope, announces that, in line with the
succession plans announced in February 2025, Jay Cheatham, Non-Executive
Director and the Company's former Chief Executive Officer, formally retired at
a meeting of the board of directors on Friday, 12(th) December, 2025.

Jay joined the Board in 2008 and served as Chief Executive Officer until
early in 2025, and since stepping down as CEO he continued to serve as a
Non-Executive Director.

The Board wishes to place on record its sincere thanks to Jay for his long and
distinguished service to the Company and its shareholders. His leadership,
commitment, and experience have played a central role in shaping the Group
over more than 17 years. The Board extends its very best wishes to him for
the future.

David Hobbs, Chairman, commented:

"On behalf of the Board, I would like to reiterate our deep appreciation for
Jay's exceptional contribution to the Company over 17 years. His dedication
and wisdom have been instrumental in the Group's development."

 

Further information:

 

 Pantheon Resources plc
 David Hobbs, Chairman                                              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

 James Asensio

 Charlie Hammond

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

 Nick Price

 BlytheRay (Corporate Communications)                               +44 20 7138 3204
 Tim Blythe

 Megan Ray

 Matthew Bowld

 MZ Group (USA Investor Relations                                   +1 949 259 4987
 Contact)

 Lucas Zimmerman

 Ian Scargill

 

 About Pantheon Resources

Pantheon Resources plc is an AIM listed Oil & Gas company focused on
developing its 100% owned Ahpun and Kodiak fields located on State of
Alaska land on the North Slope, onshore USA. Independently certified best
estimate contingent recoverable resources attributable to these projects
currently total c. 1.6 billion barrels of ANS crude and 6.6 Tcf of associated
natural gas. The Company owns 100% working interest in c. 259,000 acres.

 

Pantheon's stated objective is to demonstrate sustainable market recognition
of a value of approximately $5 per barrel of recoverable resources by end
2028. This is based on bringing the Ahpun field forward to FID and producing
into the TAPS main oil line (ANS crude) by the end of 2028. The Gas Sales
Precedent Agreement signed with AGDC provides the potential for Pantheon's
natural gas to be produced into the proposed 807 mile pipeline from the North
Slope to Southcentral Alaska during 2029. Once the Company achieves financial
self-sufficiency, it will apply the resultant cashflows to support the FID on
the Kodiak field planned, subject to regulatory approvals, targeted by the
end of 2028 or early 2029.

 

A major differentiator to other ANS projects is the close proximity to
existing roads and pipelines which offers a significant competitive advantage
to Pantheon, allowing for shorter development timeframes, materially lower
infrastructure costs and the ability to support the development with a
significantly lower pre-cashflow funding requirement than is typical
in Alaska. Furthermore, the low CO2 content of the associated gas allows
export into the planned natural gas pipeline from the North Slope to
Southcentral Alaska without significant pre-treatment.

 

The Company's project portfolio has been endorsed by world renowned
experts. Netherland, Sewell & Associates estimate a 2C contingent
recoverable resource in the Kodiak project that total 1,208 mmbbl of ANS
crude and 5,396 bcf of natural gas. Cawley Gillespie &
Associates estimate 2C contingent recoverable resources for Ahpun's western
topset horizons at 282 mmbbl of ANS crude and 803 bcf of natural gas. Lee
Keeling & Associates estimated possible reserves and 2C contingent
recoverable resources of 79 mmbbl of ANS crude and 424 bcf natural gas.

 

For more information visit www.pantheonresources.com
(http://www.pantheonresources.com) .

 

 

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