Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) told investors it is overhauling its board as it pauses material well activity during farm-in talks, with the Alaska-focused oil and gas group also saying available funds are sufficient for the rest of calendar 2026.
The company said Michael Spencer will become chairman immediately after Thursday’s AGM, replacing David Hobbs, who is stepping down from the board.
Jeremy Brest will also leave as a non-executive director, while former Hilcorp Alaska senior vice president David Wilkins is due to join as a non-executive after the meeting.
The management reset was accompanied by an unusually blunt assessment from Hobbs, who said Pantheon’s progress over the past year “has not been strong” and that the business needed “new energy” in its leadership.
Spencer, already a major shareholder, said the company has “excellent assets and great potential” that are not reflected in its “depressed share price”.
Spencer, who was a founder of ICAP and was previously the Conservative Party treasurer, is described in the statement as 'one of Britain's most successful entrepreneurs' and an active investor in a wide range of emerging businesses, including British wine maker Chapel Down.
"Pantheon has excellent assets and great potential but that is sadly not reflected in today's depressed share price. As a major shareholder in the company, I am looking forward to working with the board," Spencer said.
"With his team, we will together determine the best route to unlock the value we all agree exists in our resources and acreage. I am looking forward to updating shareholders on our progress in the months to come."
Pantheon said its 4pm, post-AGM webinar, will now feature Spencer and chief executive Max Easley rather than a shareholder presentation.
The operating update is expected to confirm that, while farm-in discussions continue and several companies are active in the data room, no further material well operations will be carried out