Phoenix Global Resources PLC Senior Management Appointment & Operations Update (1378Y)
September 04 2020 - 12:30PM
UK Regulatory
TIDMPGR
RNS Number : 1378Y
Phoenix Global Resources PLC
04 September 2020
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 Antonio Bossi T: +44 20 7408 4090
Joint broker and nominated David Coaten
adviser
Panmure Gordon Daniel Norman T: +44 20 7886 2500
Joint broker Atholl Tweedie
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 signi cant 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
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