Pantheon Resources: Board clears path for orderly succession as longtime director retires

London, UK — Pantheon Resources plc, the AIM-listed oil and gas company focused on its Ahpun and Kodiak fields on Alaska’s North Slope, announced that Jay Cheatham formally retired as a Non-Executive Director at a board meeting on 12 December 2025. Cheatham joined the board in 2008 and served as Chief Executive Officer until early 2025, before continuing as a Non-Executive Director.

The retirement is in line with succession plans announced in February 2025. The Board expressed gratitude for Cheatham’s more than 17 years of service and highlighted his role in advancing the Group’s Alaska assets and overall development trajectory.

Strategic context and implications

The departure comes at a pivotal moment as Pantheon advances its Alaska portfolio, with 100% working ownership of the Ahpun and Kodiak developments on the State of Alaska’s North Slope. Independent assessments place the Group’s contingent resources at roughly 1.6 billion barrels of Alaska North Slope crude and 6.6 trillion cubic feet of associated natural gas, spread across about 259,000 acres. The proximity of these assets to established roads and pipeline infrastructure provides a meaningful cost and schedule advantage, potentially enabling shorter development timelines and substantially lower upfront capital expenditure than is typical for Arctic projects.

Management has outlined a value-driven pathway to align market thinking with resource potential. The company aims to demonstrate market recognition of approximately five dollars per recoverable barrel by the end of 2028, anchored by moving Ahpun to final investment decision and delivering production into the Trans-Alaska Pipeline System main oil line by year-end 2028. A gas sales framework with the Alaska Gasline Development Corporation could enable production of natural gas into a proposed North Slope to Southcentral Alaska pipeline during 2029. Upon achieving financial self-sufficiency, Pantheon plans to apply resultant cash flows toward the Kodiak FID, subject to regulatory approvals, targeted by late 2028 or early 2029.

Leadership reaction and governance signals

David Hobbs, Pantheon’s chairman, thanked Cheatham for his exceptional contribution over 17 years, noting his leadership and experience as instrumental in shaping the Group’s development on Alaska assets. The orderly transition underscores governance discipline and continuity as Pantheon navigates capital planning, regulatory milestones, and the execution of a multi-year development program.

Market-facing catalysts and risk factors

• Succession clarity and governance continuity, reinforcing investor confidence during a multi-project development cycle.
• Key catalysts include Ahpun progressing toward FID and securing regulatory approvals for production and pipeline integration.
• Execution risk remains: capital requirements to reach FID, commodity price volatility, and potential regulatory or environmental hurdles could influence timing and cash flow generation.

About Pantheon Resources

Pantheon Resources plc is an AIM-listed oil and gas company focused on developing its Ahpun and Kodiak fields on Alaska’s North Slope. Independent assessments indicate contingent resources of about 1.6 billion barrels of Alaska North Slope crude and 6.6 trillion cubic feet of natural gas, with Pantheon holding a 100% working interest in approximately 259,000 acres. The company emphasizes a low-cost, infrastructure-enabled approach designed to shorten development timelines and improve pre-cash-flow economics while leveraging near-term infrastructure access.

This overview reflects Pantheon Resources’ strategic posture and near-term milestones, offering investors a lens into how leadership transition intersects with the pathway to value realization in a capital-intensive, frontier-style project portfolio.