4 Sep 2020 17:30
4 September 2020
Phoenix Global Resources plc
("Phoenix" or the "Company")
Senior Management Appointment and Operations Update
Phoenix Global Resources plc (AIM: PGR; BCBA: PGR), the upstream oil and gas company is pleased to announce the appointment of Pablo Bizzotto as CEO effective immediately.
Pablo, will be based in Buenos Aires, Argentina and has more than 20 years' experience in the oil industry. Until recently Pablo was the Upstream Executive Vice President at YPF and prior to that the Unconventional Resource Executive Manager at YPF leading operations on the Vaca Muerta formation in the Neuquen basin and some of Argentina's most significant tight gas development such as Rincon del Mangrullo. He previously worked for more than 12 years with Pan American Energy, where he held various positions, gaining experience in all basins in Argentina. Pablo graduated from Comahue University in Neuquen Cuty with a degree in Petroleum Engineering and holds a MBA from Barcelona University.
Phoenix also announces that production has restarted, and is expected to continue if demand in Argentina continues to increase, at its operated licences Puesto Rojas, Tupungato and Atamisqui and its non-operated licence Chachahuen, albeit initially at lower levels than before the Covid-19 pandemic. The Company also expects to restart production at its operated licence Mata Mora and its non-operated licences Rio Cullen/Las Violetas and Cajon de Los Caballos, in the near future.
The Company continues to implement significant cost reductions across all areas of the business and the Board is hopeful this will put the Company in a stronger position to produce oil economically at lower oil prices with a positive contribution to cash flow.
Whilst exercising a degree of caution, the Board believes the actions being taken will put the Company on a sounder financial footing, whilst appreciating this position could change very quickly in these uncertain times.
Sir Michael Rake, Chairman of Phoenix Global Resources said:
"I would like to welcome Pablo to the Company who brings a wealth of unconventional experience to the Company. In these difficult times, this appointment demonstrates our commitment to Argentina and the development of our unconventional acreage and the continued support of Mercuria, our major shareholder."
Pablo is not at this time being appointed to the Phoenix board of directors and therefore no further disclosures are required under the AIM Rules.
Ends
For further information, please contact:
Phoenix Global Resources plc | Nigel Duxbury
| T: +44 20 3912 2800
|
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 |
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) and offers its investors an opportunity to invest directly into Argentina's Vaca Muerta shale formation and other unconventional resources.. The Company has over 0.9 million licenced working interest acres in Argentina (of which approximately 0.7 million are operated), 29.8 million boe of working interest 2P reserves and average working interest production of 9,236 boepd in 2019. Phoenix has significant exposure to the unconventional opportunity in Argentina through its approximately 0.6 million working interest acres with Vaca Muerta and other unconventional potential.
The Company's website is www.phoenixglobalresources.com