Pantheon Resources (AIM:PANR) has appointed David Wilkins as Chief Executive Officer with immediate effect, succeeding Max Easley.
The AIM-listed oil and gas explorer is developing its wholly-owned Kodiak and Ahpun fields on Alaska's North Slope, where independently certified contingent recoverable resources are estimated at approximately 1.6 billion barrels of Alaska North Slope crude and 6.6 trillion cubic feet of associated natural gas across roughly 259,000 acres.
Easley is leaving to take up another senior executive position with a large operator in Alaska and will stay on temporarily to help with the handover.
Wilkins has sat on Pantheon's board since March and brings more than 40 years in exploration, production, drilling, operations and asset development, including senior leadership roles at Hilcorp Alaska, Marathon Oil and Dowell Schlumberger.
"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", said Michael Spencer, Pantheon's Chairman.
Wilkins said he has become "fully immersed in Pantheon and its enormous potential" since joining the board, and is looking to "unlock the value from our world class oil and gas assets of Kodiak and Ahpun".
His appointment comes as the company continues farm-out discussions over its Alaska acreage.
Wilkins will receive base compensation of $100,000 and 3 million shares annually for his first two years, settled quarterly, alongside an initial grant of 6 million restricted stock units vesting in three equal annual tranches.
Under his resignation agreement, 8.5 million of those units remain capable of vesting subject to conditions tied to completion of a farm-out transaction, while the remainder have been forfeited.
The board said it will continue reviewing its composition, independence and committee structure, and may make further appointments to support the company's development.