PGR.L Regulatory News (PGR)

23 April 2019

This announcement contains inside information

Phoenix Global Resources plc

("Phoenix" or the "Company")

Directorate change

Phoenix Global Resources plc (AIM: PGR; BCBA: PGR), the upstream oil and gas company offering its investors direct exposure to Argentina's Vaca Muerta shale formation and other unconventional resources, today announces that Mr. Sharma has served a notice on the Company, which the Company is treating as a notice terminating his employment in accordance with his service agreement and resigning from his position as CEO and a director of the Company with immediate effect.

Pending the recruitment of a new CEO, Tim Harrington, a non-executive director of the Company, will be appointed interim chairman of the executive committee, working closely with the CFO and COO.

Sir Michael Rake, Chairman, commented:

"The board believes strongly in the company's strategy and we are confident in Tim's ability to lead the Company as we conduct a search for a new CEO".

The person responsible for making this announcement is Nigel Duxbury, Company Secretary.

For further information, please contact:

About Phoenix

Phoenix Global Resources is an independent oil and gas exploration and production company focused on Argentina and listed on the London Stock Exchange (AIM: PGR) and Buenos Aires Stock Exchange (BCBA: PGR). The Company has over 1.8 million licensed 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 approximately 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.