Phoenix Global Resources PLC Board and Senior Management Changes (2665X)
August 09 2018 - 2:01AM
UK Regulatory
TIDMPGR
RNS Number : 2665X
Phoenix Global Resources PLC
09 August 2018
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 Sir Michael Rake, T: +44 20 3912 2800
plc Chairman T: +54 11 5258 7500
Anuj Sharma, CEO T: +44 20 3912 2805
Philip Wolfe, CFO
Stockdale Securities Antonio Bossi T: +44 20 7601 6100
Ed Thomas
Panmure Gordon Adam James T: +44 20 7886 2500
Atholl Tweedie
Camarco Billy Clegg T: +44 20 3757 4983
Owen Roberts
James Crothers
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
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END
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