LONDON, UK / ACCESS Newswire / February 20, 2025 / 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.
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