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(Sharecast News) - Alaska-focussed oil and gas company Pantheon Resources revealed some significant changes to its board of directors on Thursday.
The AIM-traded firm said its chairman Phillip Gobe had announced his intention to retire, while David Hobbs had been elected as its new chairman, with plans for him to assume the role of executive chairman following the execution of an employment agreement.
It said Gobe had been a member of Pantheon's board since 2016, having taken on the position of chairman in October 2017.
During his tenure, he had played a "vital role" in transforming the company from a non-operating working interest owner in Texas to an operating company with a 100% working interest in extensive oil projects on the Alaska North Slope (ANS).
Pantheon estimated that those projects held more than two billion barrels of contingent resources.
David Hobbs, who joined Pantheon's board in March this year, brought a "wealth of experience" to the company.
His appointment was intended to enhance Pantheon's strategic focus and improve communication with investors.
As the new executive chairman, Hobbs would collaborate with the existing management team to raise awareness of the company's asset value and further develop its operational, financial, and commercial capabilities.
In light of the board changes, Pantheon noted that there was now a need for additional independent non-executive appointments.
The company said it had already kicked off a process to identify suitable candidates to strengthen its board further.
"I'm excited to welcome David as executive chairman of Pantheon," said chief executive officer Jay Cheatham.
"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."
Cheatham added that he was sad to see Phillip Gobe step down.
"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."
At 0951 BST, shares in Pantheon Resources were up 0.3% at 16.75p.
Reporting by Josh White for Sharecast.com.
