Pantheon Resources plc Regulatory News (PANR)

2 Jan 2008 10:24

Pantheon Resources PLC02 January 2008 Please note: The following announcement replaces the earlier release. Theheadline has been amended to Management Change. Press release 2 January 2008 Pantheon Resources plc - Appointment of Chief Executive Officer Pantheon Resources, the AIM-listed oil and gas exploration company active in theGulf of Mexico, is delighted to announce the appointment of a Chief ExecutiveOfficer ("CEO"), John B. ("Jay") Cheatham. This is effective from 1st January2008, subject to final contract. Within a period of 21 months, Pantheon has gone from a pure exploration companyawaiting drilling on its first prospect to one with production from six wellsand more high impact prospects drilling or to be drilled. At this stage, theboard has considered that in order for the company to evolve further, theappointment of a CEO was essential. Jay has more than 35 years' experience in all aspects of the petroleum business.He has extensive international experience in both oil and natural gas, primarilyfor ARCO. At ARCO, Jay held a series of senior appointments. These includeSenior Vice President and District Manager (ARCO eastern District) with directresponsibility for Gulf Coast US operations and exploration and President ofARCO International where he had responsibility for all exploration andproduction outside the U.S. Jay's most recent appointment has been as Presidentand CEO of Rolls-Royce Power Ventures, where he had the key responsibility forrestructuring the company. Jay also has considerable financial skills in addition to his corporate andoperational expertise. He has acted as Chief Financial Officer for ARCO's US oiland natural gas company (ARCO Oil & Gas). Moreover he has understanding of thecapital markets through his past position as CEO to the Petrogen Fund, a privateequity fund. Sue Graham said "The appointment of Jay as CEO heralds a crucial stage inPantheon's development and the board believes that the company is fortunate insecuring his services. His capabilities in all aspects of the oil and gasbusiness are especially relevant for a company such as Pantheon. Critically Jayhas familiarity with the US Gulf Coast region. In addition to running ARCO'soperations in the region, Jay was born in Louisiana and was the third generationto run the family's independent exploration and production company. Over thecoming months, further positions are likely to be filled as Jay not onlydevelops but also implements Pantheon's next strategic steps." With this appointment, Sue Graham has assumed the role of non-executive Chairmanwith immediate effect. Full name: John Bishop Cheatham (known as "Jay")Age: 59 Jay Cheatham is, or has been, a director of or partner of the following companies or partnerships in the past five years: Previous directorships / partnerships in the last five years:2002 to present: President and CEO of Rolls-Royce Power Ventures For further information on Pantheon Resources plc, see the website atwww.pantheonresources.com - end - Further information: Pantheon Resources PLCJay Cheatham CEO +44 777 170 3433 Sue Graham, Chairman +44 20 7379 0118 Oriel Securities LimitedScott Richardson Brown +44 20 7710 7600 Notes to editors: Pantheon Resources plc Pantheon Resources plc was formed in 2005 to be an independent gas explorationcompany focused on hydrocarbon producing basins onshore or near shore the Gulfof Mexico. On 5 April 2006, Pantheon was admitted to the AIM, havingsuccessfully raised £10m from a mix of quality institutional and privateinvestors. This information is provided by RNS The company news service from the London Stock Exchange