Appointment of CEO and Board Changes

Pantheon Resources PLC

01 October 2026

 

1 October 2026

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, David Wilkins, as Chief Executive Officer, succeeding Max Easley with immediate effect. Mr. Easley is leaving Pantheon to take on another senior executive role with a large operator in Alaska.  He will remain with Pantheon for a period of time  to ensure a smooth handover and continuity of business.

Dave Wilkins has served as a member of the Pantheon Board of Directors since March of 2026. Dave is an accomplished oil and gas executive with more than 40 years of proven results and experience in exploration, production, drilling, operations, and asset development. His career includes senior leadership roles with Hilcorp Alaska, Marathon Oil Company, and Dowell Schlumberger, giving him a broad perspective across the upstream energy industry and deep expertise in Alaska operations. Mr. Wilkins brings a proven record of building high-performing teams, working with partnerships, developing complex energy assets and realising significant shareholder value from them. His deep knowledge of Alaska’s operating environment, combined with his technical expertise and strategic leadership, positions him perfectly to guide Pantheon through the development of its resources and its current farm out discussions.

The Board remains committed to maintaining high standards of corporate governance and will continue to review its composition, independence and committee structure on an ongoing basis. The Board is currently considering its future composition and may make further appointments as appropriate to support the Company's continued development and ensure an appropriate balance of skills and experience. A further update will be provided in due course, as appropriate.

Michael Spencer, Chairman of Pantheon Resources, commented: "I am pleased for Max as he takes on another pivotal role in the region’s energy sector.  I thank him for his contributions to Pantheon and wish him every success.  I am delighted that David Wilkins has taken over as CEO.  His depth of experience and exemplary track record having led one of the largest operators in Alaska will serve us very well as we progress execution of our strategy.”

Dave Wilkins, incoming Chief Executive Officer of Pantheon Resources, said: "I have become fully immersed in Pantheon and its enormous potential since I joined the Board earlier this year. I am excited to roll up my sleeves and take on the role of CEO  working with a high quality, innovative, passionate team to unlock the value from our world class oil and gas assets of Kodiak and Ahpun, providing opportunity and energy for Alaskans and the USA and delivering value for our shareholders."

Further information:

Dave Wilkins

In order to align himself with the wider interests of shareholders, Mr. Wilkins is expected to receive the following compensation:

• Base compensation of US$100,000 and 3,000,000 ordinary shares per annum for his initial two years of service. The ordinary shares will be settled quarterly in arears.
• An initial share grant of 6,000,000 restricted stock units ("RSUs"). The RSUs will vest equally in three annual tranches subject to certain conditions.

Max Easley

Max has 14,017,841 unvested RSUs as of today’s date. As part of his resignation-release agreement 8,500,000 of these remain capable of vesting subject to certain conditions associated with completion of a farm-out transaction. The remaining RSUs have automatically been forfeited.

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For more information: Pantheon Resources plc Nathan Cherry, SVP, Investor Relations	c/o H/Advisors
H/Advisors (Financial PR Adviser) Genevieve Ryan Nick Johnson	[e-mail] [phone] [phone]
Canaccord Genuity Limited (Nominated Adviser and Joint Broker) Henry Fitzgerald-O'Connor Charlie Hammond	[phone]
Jerry Keen (Joint Broker) c/o H/Advisors	[phone]

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.

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.

Glossary:

Restricted Stock Units

A Restricted Stock Unit ("RSU") is an award that grants the holder a conditional right to receive ordinary shares in the Company, subject to the satisfaction of specified vesting conditions, which typically include continued employment for a set period of time and/or performance criteria. RSUs are typically settled through the issuance of ordinary shares rather than by a cash payment. The holder does not own the underlying shares at the time of grant. Upon vesting, the holder becomes entitled to receive the shares, which carry the same economic value as shares held by other shareholders of the Company.

PDMR disclosure table

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Dave Wilkins
2	Reason for the notification
a)	Position/status	Chief Executive Officer
b)	Initial notification/Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Pantheon Resources plc
b)	LEI	213800SWHY5DNQS64J23
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Restricted Stock Units ("RSUs")  ISIN: GB00B125SX82
b)	Nature of the transaction	2026 ESOP RSU Grant
c)	Price(s) and volumes(s)	RSUs to acquire 6,000,000 Ordinary Shares for nil consideration
d)	Aggregated information -      Aggregated volume -      Price	N/A (single transaction)
e)	Date of the transaction	1 October 2026
f)	Place of the transaction	Outside of a trading venue

 

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