LONDON (Alliance News) - Pantheon Resources PLC on Monday said it intends to promote Non-Executive Director Phillip Gobe as chairman once the current chair exits the role.
Shares in the oil & gas exploration company were down 5.7% at 17.45 pence on Monday morning.
Gobe joined the Pantheon board in 2016, and will assume the chairmanship when John Walmsley steps down at the company's December annual general meeting.
Walmsey has been a member of the Pantheon board for 11 years, and will remain with Pantheon as a non-executive director.
Gobe, in addition to his role at Pantheon, is also a non-executive director of US oil & gas exploration and production company Pioneer Natural Resources Co. He is also lead director and committee chairman at Scientific Drilling International Inc.
Pantheon also reported on the progression of its Tyler County pipeline in Texas. The pipeline is expected to be hooked up ready for production by the end of October, with work ongoing despite heavy rainfall and localised flooding.
"We ended up boring significantly more footage than originally estimated, which could have significantly delayed start up, but the crews worked double shifts to overcome that and the significant impact of the rain," said Pantheon Chief Executive Jay Cheatham.
With regard to the expected acquisition of the remaining working interest in the Polk and Tyler Counties assets in Texas, Pantheon said "much progress" has occurred, and updates are to follow "as soon as possible".
Pantheon said it will complete the acquisitions before concluding any negotiations for a farm-out of these assets.
Pantheon Resources plc (PANR)