21 May 2020 07:00
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 plc | Sir Michael Rake, Chairman Kevin Dennehy, CFO
| T: +44 20 3912 2800 T: +54 11 5258 7500
|
Shore Capital Joint broker and nominated adviser
| Antonio Bossi David Coaten | T: +44 20 7408 4090 |
Panmure Gordon Joint broker |
Daniel Norman Atholl Tweedie |
T: +44 20 7886 2500 |
Camarco Financial PR |
Billy Clegg Owen Roberts James Crothers |
T: +44 20 3757 4980 |
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 significant 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
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