Pantheon Resources PLC - Retirement of Director

Rhea-AI Summary

Pantheon Resources (OTCQX:PTHRF / AIM:PANR) announced that Jay Cheatham formally retired as a Non-Executive Director at a board meeting on 12 December 2025. Jay joined the board in 2008, served as Chief Executive Officer until early 2025, and continued as a Non-Executive Director after stepping down as CEO.

The retirement was described as being in line with succession plans announced in February 2025. The Board thanked Jay for his more than 17 years of service and noted his contribution to the development of the Group and its Alaska assets.

Positive

• Succession plan implemented as announced in Feb 2025
• Orderly transition after CEO role vacated early in 2025

Negative

• Departure of director with 17 years on the board
• Loss of former CEO who led the company until early 2025

News Market Reaction – PTHRF

-6.35%

1 alert

-6.35% News Effect

On the day this news was published, PTHRF declined 6.35%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

LONDON, UK / ACCESS Newswire / December 15, 2025 / The Board of Pantheon Resources plc (AIM:PANR)(OTCQX:PTHRF) ("Pantheon", the "Group" or the "Company"), the oil and gas company developing the Kodiak and Ahpun oil fields immediately adjacent to pipeline and transportation infrastructure on Alaska's North Slope, announces that, in line with the succession plans announced in February 2025, Jay Cheatham, Non-Executive Director and the Company's former Chief Executive Officer, formally retired at a meeting of the board of directors on Friday, 12^th December, 2025.

Jay joined the Board in 2008 and served as Chief Executive Officer until early in 2025, and since stepping down as CEO he continued to serve as a Non-Executive Director.

The Board wishes to place on record its sincere thanks to Jay for his long and distinguished service to the Company and its shareholders. His leadership, commitment, and experience have played a central role in shaping the Group over more than 17 years. The Board extends its very best wishes to him for the future.

David Hobbs, Chairman, commented:
"On behalf of the Board, I would like to reiterate our deep appreciation for Jay's exceptional contribution to the Company over 17 years. His dedication and wisdom have been instrumental in the Group's development."

Further information:

Pantheon Resources plc
David Hobbs, Chairman Max Easley, Chief Executive Officer Justin Hondris, SVP, Investor Relations	contact@pantheonresources.com
Canaccord Genuity Limited (Nominated Adviser, andJoint Broker)
Henry Fitzgerald-O'Connor James Asensio Charlie Hammond	+44 20 7523 8000
Oak Securities (Joint Broker)	+44 20 3973 3678
Jerry Keen Nick Price
BlytheRay (Corporate Communications)	+44 20 7138 3204
Tim Blythe Megan Ray Matthew Bowld
MZ Group (USA Investor Relations Contact) Lucas Zimmerman Ian Scargill	+1 949 259 4987

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 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 approximately $5 per barrel 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 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 of ANS crude and 5,396 bcf 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 of 79 mmbbl of ANS crude and 424 bcf natural gas.

For more information visit www.pantheonresources.com.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: Pantheon Resources PLC

View the original press release on ACCESS Newswire

FAQ

When did Jay Cheatham retire from Pantheon Resources (PTHRF)?

Jay Cheatham formally retired as a Non-Executive Director on 12 December 2025.

How long did Jay Cheatham serve on the Pantheon Resources board (PTHRF)?

Jay joined the board in 2008 and served for more than 17 years.

When did Jay Cheatham step down as CEO of Pantheon Resources (PTHRF)?

He stepped down as Chief Executive Officer in early 2025 and remained as a Non-Executive Director until retirement.

Was Jay Cheatham's retirement part of a planned succession at Pantheon Resources (PTHRF)?

Yes; the retirement was stated to be in line with succession plans announced in February 2025.

What did the Pantheon board say about Jay Cheatham's service (PTHRF)?

The Board expressed thanks for his long service and noted his leadership and contribution to the Group's development.

Who is the chairman commenting on the retirement at Pantheon Resources (PTHRF)?

David Hobbs, Chairman, commented and reiterated appreciation for Jay Cheatham's contribution over 17 years.