Last checked at 8 Jun 2023 07:00
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 28th 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.