PGR Phoenix Global Resources Plc

TIDMPGR

RNS Number : 5542N

Phoenix Global Resources PLC

21 May 2020

21 May 2020

Phoenix Global Resources plc

("Phoenix" or the "Company" )

Board Changes

Further to the announcement on 15 May 2020, Phoenix Global Resources plc (AIM: PGR; BCBA: PGR), the independent Argentine-focused upstream oil and gas exploration and production company, announces the following changes to the Board.

Kevin Dennehy, by mutual agreement, has decided to step down from the Board with immediate effect and will be stepping down as Chief Financial Officer but will continue to provide support in this role until his planned departure date, 30 November 2020.

Non-executive directors, David Jackson and Javier Alvarez will be stepping down from the board with effect from 30 June 2020 as part of the mitigating cost saving actions being taken by the Company in these difficult times.

In addition, the Chairman and the Non-executive directors have agreed to salary reductions of between 30% and 50% consistent with salary reductions accepted by the wider work force.

The Company continues to work to develop and implement its cost saving initiatives and will continue to update the market as appropriate.

Sir Michael Rake, Chairman of Phoenix Global Resources said:

"I would like to thank all of the departing directors who have made significant contributions during the time they have been with the Company and I am sincerely sorry to see them go. I wish them all the best for the future. We all understand the challenges faced by the Company and the difficult actions we are faced with in this environment."

For further information, please contact:

 
Phoenix Global Resources     Sir Michael Rake,    T: +44 20 3912 2800 
 plc                          Chairman             T: +54 11 5258 7500 
                              Kevin Dennehy, CFO 
Shore Capital                Antonio Bossi        T: +44 20 7408 4090 
 Joint broker and nominated   David Coaten 
 adviser 
 
  Panmure Gordon               Daniel Norman        T: +44 20 7886 2500 
  Joint broker                 Atholl Tweedie 
 
  Camarco                      Billy Clegg          T: +44 20 3757 4980 
  Financial PR                 Owen Roberts 
                               James Crothers 
 

About Phoenix

Phoenix Global Resources is an independent oil and gas exploration and production company focused on Argentina and listed on both the London Stock Exchange (AIM: PGR) and the Buenos Aires Stock Exchange (BCBA: PGR). The Company has over 1.8 million licenced working interest acres in Argentina (of which over 0.7 million are operated), 57.1 million boe of working interest 2P reserves and average working interest production of 10,249 boepd in 2018. Phoenix has signi cant exposure to the unconventional opportunity in Argentina through its approximately 700,000 working interest acres with Vaca Muerta and other unconventional potential.

The Company's website is www.phoenixglobalresources.com

- ENDS -

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May 21, 2020 02:00 ET (06:00 GMT)

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