20
February 2025
Pantheon Resources
plc
Appointment of
CEO and Board Changes
Pantheon Resources plc (AIM: PANR)
("Pantheon" or the " Company"), the oil and gas company developing
the Kodiak and Ahpun oil fields in close proximity to pipeline and
transportation infrastructure on Alaska's North Slope, is pleased
to announce the appointment of accomplished energy executive, Max
Easley, as Chief Executive Officer, succeeding Jay Cheatham. Mr.
Easley will be appointed as a member of the Pantheon Board of
Directors effective 28 February 2025, while Jay will continue to
serve the Company as a Non-Executive Director for a period of
handover to Max.
A native-born Alaskan, Max Easley
brings over thirty years of experience as a highly respected energy
executive, drawing on extensive domestic and international
experience in the upstream industry. Over the course of his career,
Max has held executive rolls at BP, Apache Corporation and PETRONAS
Canada.
Max graduated from the University of
Alaska in 1991 with a degree in Petroleum Engineering. Following
his early days learning his trade as a petroleum engineer at
Prudhoe Bay, he worked overseas for over a decade, primarily in the
UK and Trinidad, in a variety of technical, financial and
leadership roles before returning to Alaska as Senior Vice
President of Resource Development for BP Alaska. Over the past
decade, he has been a driving force in the capital efficient
appraisal, development and production of unconventional resources
both in the Permian Basin in Texas and the Montney in British
Columbia.
The appointment of Mr. Easley is
another key step in the development of the Board and governance in
preparation for a possible US listing. The Company expects to
evolve the Board further as it executes on this
strategy.
David Hobbs, Executive Chairman of
Pantheon Resources, commented: "We are
delighted to welcome Max Easley as our new Chief Executive Officer
and as a member of the Board of Directors. Pantheon will benefit
from his more than 30 years of experience in the oil and natural
gas industry, particularly his experience on Alaska's North Slope
and successful Permian and Montney developments. This deep industry
expertise, coupled with his strategic judgment and performance
track record make him the ideal candidate to execute upon
Pantheon's strategy. Under Max's leadership, the Company will be
well positioned to shift from an exploration to a development and
production company in short order.
"I also want to express my personal
gratitude to Jay Cheatham, who was a key member of the search
committee. Jay has been a well-respected colleague, friend and key
to the Company's successes to-date. We would not be where we are
but for his calm determination since he was appointed some 17 years
ago. Jay embodies the maxim: 'Adversity does not build character;
it reveals it.' Few could have shown more grit, and Jay hands over
a Pantheon that is primed to deliver on what we consider the most
exciting development programme anywhere in North
America."
Max Easley, incoming Chief Executive
Officer of Pantheon Resources, said: "I
appreciate the confidence the Board of Directors has shown in
selecting me to lead Pantheon at this critical inflection point in
the Company's history. Jay and the team have done a fantastic job
exploring, appraising and de-risking a material resource in a very
advantaged location. I look forward to transitioning the company to
development and production of these resources at pace for the
benefit of both our shareholders, and the State of
Alaska."
Further information on Max Easley's
appointment:
As part of Mr. Easley's appointment,
he will participate in the Company's share option scheme. In order
to align himself with other executives and the wider interests of
shareholders, Mr. Easley is expected to receive the
following:
· One off grant of
400,000 Restricted Stock Units under the Employee Share Ownership
Plan ("ESOP") announced in October 2024
· 5 million options
with various time based and operational vesting criteria
· Be eligible for
ongoing standard senior executive grants under the ESOP
The Company expects to grant these
awards post the publication of its Interim Financial Results that
will be released by the end of this quarter. An additional
announcement, including further details of their terms, will be
made once they are awarded.
The following details in relation to
the appointment of Max Easley are disclosed in accordance with
AIM Rule 17 and Schedule 2(g) of the AIM Rules:
George ('Max') Washington Easley (aged 57) has not held any directorships and/or
partnerships in the past five years.
There is no further information to
be disclosed in relation to Max Easley's appointment pursuant
to AIM Rule 17 or Schedule Two, paragraph (g) (i)-(viii) of the AIM
Rules for Companies.
-ENDS-
For further information, please
contact:
UK
Corporate and Investor Relations Contact
Pantheon Resources plc
Justin Hondris
+44 20 7484 5361
contact@pantheonresources.com
Nominated Adviser and Broker
Canaccord Genuity Limited
Henry Fitzgerald-O'Connor, James Asensio, Charlie Hammond
+44 20 7523 8000
Public Relations Contact
BlytheRay
Tim Blythe, Megan Ray, Matthew Bowld
+44 20 7138 3204
USA
Investor Relations Contact
MZ Group
Lucas Zimmerman, Ian Scargill
+1 949 259 4987
PTHRF@mzgroup.us
About Pantheon
Resources
Pantheon Resources plc is an AIM
listed Oil & Gas company focused on developing its 100% owned
Ahpun and Kodiak fields located on State of Alaska land on the
North Slope, onshore USA. Independently certified best estimate
contingent recoverable resources attributable to these projects
currently total c. 1.6 billion barrels of ANS crude and 6.6 Tcf
(trillion cubic feet) of associated natural gas. The Company owns
100% working interest in c. 259,000 acres.
Pantheon's stated objective is to
demonstrate sustainable market recognition of a value of $5-$10/bbl
of recoverable resources by end 2028. This is based on bringing the
Ahpun field forward to FID and producing into the TAPS main oil
line (ANS crude) by the end of 2028. The Gas Sales Precedent
Agreement signed with AGDC (Alaska Gasline Development Corporation)
provides the potential for Pantheon's natural gas to be produced
into the proposed 807 mile pipeline from the North Slope to
Southcentral Alaska during 2029. Once the Company achieves
financial self-sufficiency, it will apply the resultant cashflows
to support the FID on the Kodiak field planned, subject to
regulatory approvals, targeted by the end of 2028 or early
2029.
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 shorter development timeframes, materially lower
infrastructure costs and the ability to support the development
with a significantly lower pre-cashflow funding requirement than is
typical in Alaska. Furthermore, the low CO2 content of the
associated gas allows export into the planned natural gas pipeline
from the North Slope to Southcentral Alaska without significant
pre-treatment.
The Company's project portfolio has
been endorsed by world renowned experts. Netherland, Sewell &
Associates estimate a 2C contingent recoverable resource in the
Kodiak project that total 1,208 mmbbl (million barrels) of ANS
crude and 5,396 bcf (billion cubic feet) of natural gas. Cawley
Gillespie & Associates estimate 2C contingent recoverable
resources for Ahpun's western topset horizons at 282 mmbbl of ANS
crude and 803 bcf of natural gas. Lee Keeling & Associates
estimated possible reserves and 2C contingent recoverable resources
totalling 79 mmbbl of ANS crude and 424 bcf natural gas.
For more information visit
www.pantheonresources.com.
