Pantheon Resources plc (AIM: PANR) ("Pantheon" or "the Company"), focused on development of its Kodiak and Ahpun oil fields (owning a 100% working interest in each), containing independently evaluated recoverable contingent resources of c. 1.6 billion barrels ("Bbbl") of ANS crude and 6.7 trillion cubic feet ("Tcf") of natural gas in close proximity to pipeline and transportation infrastructure on Alaska's North Slope, announces changes to its Board of Directors (the "Board") and the appointment of Philip Patman, Jr. as Chief Financial Officer ("CFO").
The Board has previously outlined its strategy to monetize the discovered resources in Alaska through initial development of the Ahpun field to achieve cashflow self-sufficiency in order to fund the full field development including the Kodiak field. Among the steps outlined are the consolidation of core management in the Company's Houston headquarters and preparation for a potential US listing, subject to market conditions.
Accordingly, the CFO role will move to Houston and, as a result, Justin Hondris has informed the Company of his intention to step down from his role as Director, Finance and Corporate Development at the Company's Board meeting in September. He will transition to a role that will be UK-based, as Senior Vice President for Finance and International Investment.
Justin was a founding member of the Board from Pantheon's creation nearly 20 years ago and has served as a Director throughout that time. He has been ever present in the implementation of the Company's strategy. Justin has successfully managed all fundraising activities, including aggregate equity and bond placings amounting to some $300 million over that time.
In line with its plans to consolidate core management in the Company's Houston headquarters, Pantheon is appointing Philip Patman, Jr. to the role of Chief Financial Officer. Philip has previously served as Chief Financial Officer of VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY), Soluna Holdings, Inc. (Nasdaq: SLNH), and MacroFab, Inc. (a private company) and is a member of the State Bar of Texas and CFA Institute. He brings nearly three decades of experience in business development, corporate finance and financial management.
Prior to his appointment as CFO, Philip has been leading the Company's preparations for a potential US listing, having taken over the role when Tony Larkin left the Company. This has included strengthening and documenting corporate and financial controls, securing investment banking advisors on a success-based fee structure and ensuring that the lead time for listing on a major US exchange is short enough to capture market opportunities when they arise. As is common with US based businesses, it is not anticipated that the CFO role will be a Board position.
Pantheon's Executive Chairman, David Hobbs, commented: "It is hard to overestimate the value of Justin's contribution to Pantheon's success - it is inconceivable that the merger with Great Bear could have occurred without his entrepreneurial approach to structuring that transaction and it is no understatement to say that this single most significant event in Pantheon's history is, in large part, a product of Justin's dedication and hard work. We are grateful to retain Justin's talents and will continue to benefit from the value that he brings in his new role.
"We are excited to welcome Philip to his new role. He has been engaged in the various workstreams that will result in robust systems and processes, and he will be able to hit the ground running as our new CFO."
As a consequence of this Board change and the continued strengthening of Company governance, the Company has initiated a process to identify and appoint an additional independent non-executive director in the near future.
