Pantheon Resources, the AIM-listed oil and gas exploration company active in the Gulf of Mexico, is delighted to announce the appointment of a Chief Executive Officer, John B. Cheatham. This is effective from January 1, 2008, subject to final contract.
Within a period of 21 months, Pantheon has gone from a pure exploration company awaiting drilling on its first prospect to one with production from six wells and more high impact prospects drilling or to be drilled. At this stage, the board has considered that in order for the company to evolve further, the appointment of a CEO was essential.
Jay has more than 35 years' experience in all aspects of the petroleum business. He has extensive international experience in both oil and natural gas, primarily for ARCO. At ARCO, Jay held a series of senior appointments. These include Senior Vice President and District Manager (ARCO eastern District) with direct responsibility for Gulf Coast US operations and exploration and President of ARCO International where he had responsibility for all exploration and production outside the U.S. Jay's most recent appointment has been as President and CEO of Rolls-Royce Power Ventures, where he had the key responsibility for restructuring the company.
Jay also has considerable financial skills in addition to his corporate and operational expertise. He has acted as Chief Financial Officer for ARCO's US oil and natural gas company (ARCO Oil & Gas). Moreover he has understanding of the capital markets through his past position as CEO to the Petrogen Fund, a private equity fund.
Sue Graham said "The appointment of Jay as CEO heralds a crucial stage in Pantheon's development and the board believes that the company is fortunate in securing his services. His capabilities in all aspects of the oil and gas business are especially relevant for a company such as Pantheon. Critically Jay has familiarity with the US Gulf Coast region. In addition to running ARCO's operations in the region, Jay was born in Louisiana and was the third generation to run the family's independent exploration and production company. Over the coming months, further positions are likely to be filled as Jay not only develops but also implements Pantheon's next strategic steps."
With this appointment, Sue Graham has assumed the role of non-executive Chairman with immediate effect.
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