Pantheon Resources plc (AIM:PANR), an oil and gas company focused on the development of the Kodiak and Ahpun oil fields on Alaska’s North Slope, has announced the appointment of Marty Rutherford as a Non-Executive Director to its Board, effective after the upcoming Board Meeting on June 13, 2025.
Marty Rutherford, a respected figure in Alaska’s energy sector, brings over 40 years of valuable experience to the Company. As a fifth-generation Alaskan, she has deep roots in the region and a wealth of expertise in both state and industry roles.
Rutherford’s career began in the late 1970s after she graduated from college. Her early professional experiences included various roles in Valdez, Fairbanks, and Anchorage. In 1982, she joined the Alaska Department of Community and Regional Affairs (DCRA) and eventually became the Deputy Commissioner.
In 1992, she transitioned to the Alaska Department of Natural Resources (DNR), where she was appointed Deputy Commissioner in 1993, a position she maintained until 2005. During her tenure at DNR, she played a crucial role in overseeing the management of the state’s natural resources, which included oil and gas, mining, water, and parks.
After resigning from DNR in 2005, Rutherford returned in 2006 under Governor Sarah Palin to lead efforts on the state’s gasline initiatives, as well as the oil and gas policy teams. In 2011, she ventured into the private sector with Linc Energy, an Australian firm involved in oil exploration on the North Slope and natural gas production in Cook Inlet.
Rutherford’s commitment to public service saw her returning to the DNR in 2014, where she served as Deputy Commissioner and acted as Commissioner at various times throughout her career. She retired from the DNR in 2016 but continued her public service by serving as a Trustee for the Alaska Permanent Fund.
David Hobbs, Executive Chairman of Pantheon Resources, expressed his enthusiasm for Rutherford’s appointment, stating, “We are delighted to welcome Marty Rutherford as a member of the Board of Directors. Pantheon will benefit from her more than 40 years of experience in policy roles, particularly her time in the DNR working to advance the construction of a gas pipeline for commercialization of Alaska’s North Slope gas. Her deep expertise, coupled with strategic judgment and policy track record, make her the ideal addition to our Board.”
Rutherford herself expressed her eagerness in joining the Board, stating, “I am delighted to have the opportunity to join the Board of Pantheon as it faces critical decisions on developing its resources for the benefit of both shareholders and Alaskan stakeholders. It will be especially exciting to help bring the dream of a gas pipeline from Alaska’s North Slope to fruition.”
As the Company prepares for the future, the Board will also see the departure of Bob Rosenthal, who will be retiring from Pantheon and stepping down from the Board of Directors.
The addition of Rutherford is seen as a strategic move to enhance the Board’s ability to address the challenges associated with oil and gas production and achieving financial self-sufficiency.
In terms of operational activities, Pantheon Resources is focused on developing its 100% owned Ahpun and Kodiak fields, which are situated on State of Alaska land on the North Slope. These projects are independently certified to have an estimated recoverable resource of approximately 1.6 billion barrels of ANS crude and 6.6 Tcf of associated natural gas. The Company holds a 100% working interest in around 259,000 acres.
Pantheon’s objectives include demonstrating sustainable market recognition of a value of $5-$10 per barrel of recoverable resources by the end of 2028. This goal is contingent upon bringing the Ahpun field to a Final Investment Decision (FID) and starting production into the Trans-Alaska Pipeline System (TAPS) by the end of the same year.
The Alaska LNG project, currently operated by Glenfarne, which holds a 75% stake, is in the Front End Engineering Design phase. This project offers the potential for Pantheon’s natural gas to be sent through a proposed 807-mile pipeline from the North Slope to Southcentral Alaska, with production potentially occurring during 2028.
Achieving financial self-sufficiency will allow Pantheon to utilize resultant cash flows to support the FID on the Kodiak field, targeted for late 2028 or early 2029, pending necessary regulatory approvals.
A significant advantage for Pantheon in the development of these projects is their proximity to existing roads and pipelines. This favorable location allows for shorter development timelines, reduced infrastructure costs, and a lower pre-cash flow funding requirement compared to typical projects in Alaska.
Additionally, the low CO2 content of the associated gas enables easier export into the planned natural gas pipeline without significant pre-treatment.
The project portfolio of Pantheon has received endorsements from leading industry experts. Netherland, Sewell & Associates estimate a 2C contingent recoverable resource in the Kodiak project totaling 1,208 million barrels of ANS crude and 5,396 billion cubic feet of natural gas. On the other hand, Cawley Gillespie & Associates project the 2C contingent recoverable resources for Ahpun’s western topset horizons at 282 million barrels of ANS crude and 803 billion cubic feet of natural gas. Furthermore, Lee Keeling & Associates estimated possible reserves and 2C contingent recoverable resources totaling 79 million barrels of ANS crude and 424 billion cubic feet of natural gas.
For more details about Pantheon Resources, visit their official website at www.pantheonresources.com.
This announcement has been made by the RNS, the news service of the London Stock Exchange, and is authorized by the Financial Conduct Authority to act as a Primary Information Provider in the UK.
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