Pantheon Resources PLC Appointment of Executive Chairman (0176C)
June 08 2023 - 2:00AM
UK Regulatory
TIDMPANR
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
James Asensio
Gordon Hamilton +44 20 7523 8000
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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END
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