Gulf of Mexico and Louisiana-focused Pantheon Resources is hunting for a chief executive to drive its projects.

Chaired by former Merrill Lynch resources star Sue Graham, London-based Pantheon, which raised £10 million two years ago when it floated on AIM at 100P, is understood to have identified the candidate directors regard as most likely to enhance its credibility in the industry and financial markets and unlock new potential projects. As yet, however, no appointment has been made.

Pantheon was set up to probe prospects in the Padre Islands region of the Gulf of Mexico, including 'Plum Deep', at the time thought to contain more than 250 billion cubic feet of gas. The company is now extracting one million cubic feet of gas a day from one shallow gas find there, but has switched its primary focus to southern Louisiana, where it has seven per cent of the potentially big Nottoway well, operated by 65 per cent-owner Petro Hunt.

Pantheon has similar stakes in other Louisiana projects, including at least one of potentially major significance and expects more progress in December. The shares, which hit 178.5p in May 2006, later fell to 32p last April and now trade at 66.5p, up 2p today, where their recovery prospects hinge on making an appointment which both impresses and lives up to expectations.

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Pantheon Resources	AIM	£6.17m	15.50p	0.00p
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