PGR.L Regulatory News (PGR)

1 February 2019

Phoenix Global Resources plc

("Phoenix", "PGR" or the "Company")

Board change

Phoenix Global Resources plc (AIM: PGR; BCBA: PGR), the upstream oil and gas company, which offers its investors exposure to Argentina's Vaca Muerta shale formation and other unconventional resources, announces a change to the composition of the Board.

Matthieu Milandri, a non-executive director, has today resigned from the Board, with immediate effect, to pursue other business interests.

A replacement non-executive director will not be appointed at this time. However, as Matthieu will no longer be working for Mercuria and was one of the current Mercuria appointees under the Relationship Agreement between the Company and certain Mercuria entities, as more fully described in the Admission Document dated 24 July 2017, Matthieu will be replaced by Tim Harrington, a non-executive director of the Company, as one of the Mercuria appointees.

Sir Michael Rake, Chairman of Phoenix said:

"We would like to thank Matthieu for his invaluable insight and major contribution to Phoenix over the time he has been a director of the Company and wish him well in his future endeavours."

For further information, please contact:

About Phoenix

Phoenix Global Resources is a London Stock Exchange (AIM: PGR) and Buenos Aires Stock Exchange (BCBA: PGR) listed independent Argentina focused oil and gas exploration and production company. The Company has over 6.3 million licensed working interest acres in Argentina (of which over 5 million are operated), 57.2 million boe of working interest 2P reserves and average production of approximately 9,750 working interest boepd in Q3 2018. Phoenix has significant exposure to the unconventional opportunity in Argentina through its 560,000 working interest acres with Vaca Muerta potential.

The company's website is www.phoenixglobalresources.com