9 Aug 2018 07:00
9 August 2018
Phoenix Global Resources plc
("Phoenix" or the "Company")
Board and Senior Management Changes
Phoenix Global Resources plc (AIM: PGR; BCBA: PGR), the upstream oil and gas company offering its investors an opportunity to invest directly into Argentina's Vaca Muerta shale formation and other unconventional resources, is pleased to announce the appointment of Kevin Dennehy CPA/MBA as CFO effective 1 October 2018. The Company is also proposing to appoint Kevin to the Board, subject to completing the requisite due diligence, and a further announcement, including the information required by the AIM Rules, will be made once his appointment has been confirmed.
Kevin, who will be based in Buenos Aires Argentina and is a Spanish speaker, has had a 35 year career in the oil industry with BP. Between 2016 and 2018 Kevin was CFO of Pan American Energy, BP's Argentine JV and between 2013 and 2015 he was Country Manager BP Iraq, prior to which he has held senior finance roles at BP in Iraq, England, Colombia, Russia, Angola, USA and Kuwait.
After helping to successfully integrate the combination of PETSA with Andes Energia, putting the Company on a strong financial foundation, and in light of the step up to the Main Market of the London Stock Exchange being deferred, Philip Wolfe will step down from the CFO position and the Board with effect from 1 October 2018, and has agreed to stay on until the end of the year to ensure an orderly transition.
Sir Michael Rake, Chairman of Phoenix Global Resources said:
"I would like to welcome Kevin to the Company at this exciting time of increased Vaca Muerta drilling activity, which will include the Company's first horizontal wells. I would also like to thank Philip for all he has contributed to Phoenix over the last eighteen months and wish him well for the future."
Ends
For further information, please contact:
Phoenix Global Resources plc | Sir Michael Rake, Chairman Anuj Sharma, CEO Philip Wolfe, CFO | T: +44 20 3912 2800 T: +54 11 5258 7500 T: +44 20 3912 2805 |
Stockdale Securities |
Antonio Bossi Ed Thomas |
T: +44 20 7601 6100 |
Panmure Gordon |
Adam James Atholl Tweedie |
T: +44 20 7886 2500 |
Camarco |
Billy Clegg Owen Roberts James Crothers |
T: +44 20 3757 4983 |
About Phoenix
Phoenix Global Resources plc (AIM: PGR; BCBA: PGR) is an upstream oil and gas company offering its investors an opportunity to invest directly into Argentina's Vaca Muerta shale formation and other unconventional resources. The Vaca Muerta is the only producing shale outside of the US and has attracted significant major entrants including Total, BP, Chevron, ExxonMobil, Qatar Petroleum, Petronas, Shell and Equinor. The Company has 560,000 net Vaca Muerta acres covering approximately 7.5% of the formation, with three core Vaca Muerta areas (Puesto Rojas, Mata Mora and Corralera). The Company's unconventional acreage is underpinned by 57.2 MMboe conventional proven and probable reserves and 11,070 boepd of production in 2017. The Company's strategy is to invest in drilling activity in its Vaca Muerta acreage to increase resources, reserves and production and is well capitalised and of a scale to do so.
The Company's website is www.phoenixglobalresources.com