Last checked at 12 Dec 2023 07:00
12th December, 2023
Pantheon Resources plc
Appointment of Linda Havard as Independent Non-Executive Director
Pantheon Resources plc (AIM: PANR) ("Pantheon" or "the Company"), the oil and gas company with a 100% working interest in the Kodiak and Ahpun projects, collectively spanning 193,000 contiguous acres in close proximity to pipeline and transportation infrastructure on Alaska's North Slope, is pleased to announce the appointment of Linda Havard as Non-Executive Director with effect from 1st January, 2024.
Linda Havard joins the Board as a Non-Executive Director. Linda has more than 35 years of experience as a financial and operating executive in public oil and gas and entertainment companies as well as professional services firms. She most recently served as Chief Financial Officer of Gensler, the world's largest architecture and design firm, where she was responsible for all aspects of finance, including strategic finance, treasury, accounting, tax, internal audit, financial planning and analysis, capital budgeting, business systems and procurement for the firm's global operations.
Prior to joining Gensler, Linda served for six years as Chief Financial Officer at the global law firm of Orrick, Herrington & Sutcliffe, 13 years as Executive Vice President and Chief Financial Officer of Playboy Enterprises and 15 years at Atlantic Richfield Company (ARCO) (now BP Amoco), where she headed Corporate Planning and Investor Relations, among other senior positions. During her tenure at ARCO, Linda was a member of the Lyondell Petrochemical Company Board, serving on its Finance & Audit Committee.
Linda holds an MBA in Finance from the University of California at Los Angeles (UCLA) and a PhD (honoris causa) in Business from the Chicago School of Professional Psychology. She is a member of the [Atlanta] Federal Reserve Board CFO Panel, the International Women's Forum, and the Governing Body of the CFO Executive Summit. Linda will chair Pantheon's Finance, Audit & Risk Committee.
David Hobbs, Executive Chairman of Pantheon Resources, said: "We are delighted to welcome Linda to the Board as an Independent Non-Executive Director and as Audit Committee Chair. She brings a deep expertise in finance and qualifies as a Financial Expert for regulatory purposes as part of our transition programme, leading to a US listing in 2025.
"Her appointment marks another important step - strengthening our governance - in our strategy to deliver sustainable market recognition of $5-$10 per barrel of recoverable resources by 2028. Satisfying the requirement for at least two Independent Non-Executive Directors removes another barrier to attracting institutional investors onto the Company's share register."
Commenting on her appointment, Linda Havard said: "I am excited to join Pantheon's Board of Directors and look forward to working with the Board and Executive team to bring the Company's significant Alaska North Slope resources to production. I am eager to actively contributing to the Company's achieving a US listing as Chair of the Audit Committee of the Board."
Further information in relation to the Director appointment
Linda Havard (aged 68) (former surnames of Goldstien; Kunert) has confirmed that, other than the information disclosed below, there are no matters to be disclosed under Rule 17 and paragraph (g) of Schedule 2 of the AIM Rules.
Current Trusteeship: Havard Family Trust
Directorship in last 5 years: M. Arthur Gensler & Associates
As at the date of appointment, Linda Havard does not hold any shares in Pantheon.
-ENDS-
Further information, please contact:
Pantheon Resources plc | +44 20 7484 5361 |
David Hobbs, Executive Chairman Jay Cheatham, CEO | |
Justin Hondris, Director, Finance and Corporate Development | |
Canaccord Genuity plc (Nominated Adviser and broker) | +44 20 7523 8000 |
Henry Fitzgerald-O'Connor James Asensio Ana Ercegovic | |
BlytheRay | +44 20 7138 3204 |
Tim Blythe Megan Ray Matthew Bowld |
Notes to Editors
Pantheon Resources plc is an AIM listed Oil & Gas company focused on developing the Ahpun and Kodiak fields located on state land on the Alaska North Slope ("ANS"), onshore USA where it has a 100% working interest in 193,000 acres. Certified contingent resources attributable to these projects exceeds 1 billion barrels of marketable liquids, located adjacent to Alaska's Trans Alaska Pipeline System ("TAPS").
Pantheon's stated objective is to demonstrate sustainable market recognition of a value of $5-$10/bbl of recoverable resources by end 2028. This will require targeting Final Investment Decision ("FID") on the Ahpun field by the end of 2025, building production to 20,000 barrels per day of marketable liquids into the TAPS main oil line, and applying the resultant cashflows to support the FID on the Kodiak field by the end of 2028.
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 materially lower infrastructure costs and the ability to support the development with a significantly lower pre-cashflow funding requirement than is typical in Alaska.
The Company's project portfolio has been endorsed by world renowned experts. Netherland, Sewell & Associates ("NSAI") estimate a 2C contingent recoverable resource in the Kodiak project that total 962.5 million barrels of marketable liquids and 4,465 billion cubic feet of natural gas. NSAI is currently working on estimates for the Ahpun Field.