Pantheon Resources announces board changes, advances CEO appointment

LONDON - Pantheon Resources plc, an AIM-quoted oil and gas exploration company, has announced the acceleration of Max Easley’s appointment as CEO, effective since February 21, 2024. This update follows the company’s previous announcement on February 20, 2024.

Easley’s early transition into the role is part of Pantheon’s ongoing corporate governance evolution. Concurrent with this change, David Hobbs, the current Executive Chairman, plans to transition back to a Non-Executive Chairman role once Easley is fully established in his new position.

Pantheon Resources is focused on its 100% owned Ahpun and Kodiak fields on the Alaska North Slope. The company boasts approximately 1.6 billion barrels of ANS crude and 6.6 trillion cubic feet of associated natural gas in contingent recoverable resources. A strategic advantage for Pantheon is its proximity to existing infrastructure, which could lead to lower development costs and faster project timelines.

The company aims to achieve a sustainable market recognition of its recoverable resources valued between $5-$10 per barrel by the end of 2028. This goal is contingent on bringing the Ahpun field to a Final Investment Decision (FID) and commencing production into the TAPS main oil line by the targeted date. Additionally, Pantheon has signed a Gas Sales Precedent Agreement with the Alaska Gasline Development Corporation, which could see its natural gas produced into a planned 807-mile pipeline extending from the North Slope to Southcentral Alaska.

Pantheon’s approach to financial self-sufficiency involves using future cash flows to support FID on the Kodiak field, with regulatory approvals targeted by late 2028 or early 2029. The company’s low CO2 content gas is expected to be exportable without significant pre-treatment, aligning with the planned pipeline project.

Independent (LON:IOG) experts have endorsed Pantheon’s project portfolio, with Netherland, Sewell & Associates estimating significant contingent recoverable resources for both the Kodiak and Ahpun projects.

This board update is based on a press release statement issued by Pantheon Resources. The company’s shares are traded on the AIM market of the London Stock Exchange (LON:LSEG) under the ticker AIM:PANR.

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