Phoenix Global Resources PLC Board Changes (4034H)

TIDMPGR

RNS Number : 4034H

Phoenix Global Resources PLC

15 November 2018

15 November 2018

Phoenix Global Resources plc

("Phoenix" or the "Company")

Board Changes

Phoenix Global Resources plc (AIM: PGR; BCBA: PGR), the upstream oil and gas company, which offers its investors exposure to Argentina's Vaca Muerta shale formation and other unconventional resources, announces a change to the composition of the Board.

Under the Relationship Agreement between Upstream Capital, Mercuria EAM and Mercuria EG, as more fully described in the Admission Document dated 24 July 2017, the Mercuria Group currently has the right to appoint two directors to the Board. Matthieu Milandri and Guillaume Vermersch are the current appointees. With effect from 14 November 2018 Guillaume Vermersch has stepped down from the Board to be replaced by Daniel Jaeggi as one of the Mercuria Group appointees. Daniel is co-founder and President of Mercuria Energy Group Limited.

In addition, we are also pleased to announce the appointment of Tim Harrington as a Non-executive director with effect from 14 November 2018. Tim Harrington has over 37 years of oil and gas experience and spent 31 years with BP PLC in various commercial, financial, and operating leadership positions around the globe including postings in Houston, Anchorage, London, and Bogota. In his final two roles with BP, he served as CFO and President of BP America Production Company, BP's onshore business focused on unconventional resources. Since leaving BP, he has been working with private equity and various start-ups in the US and currently serves as a Senior Energy Advisor to Trilantic Capital Partners, Mercuria Energy Trading, and Bayswater Exploration & Production.

Sir Michael Rake, Chairman of Phoenix said:

We would like to thank Guillaume for all he has contributed to Phoenix over the time he has been a director and would like to welcome to the Board Daniel, who brings a wealth of experience to Phoenix as one of the co-founders of the Mercuria Group and Tim, who brings a vast amount of experience from his time at BP."

Additional information to be disclosed pursuant to Schedule 2(g) and Rule 17 of the AIM Rules:

Daniel Jaeggi, Non-executive director, aged 57 years.

Daniel is currently a director/partner of the following companies:

   -   MDJ Partnership DMCC 
   -   Mercuria Energy Trading S.A. 
   -   Mercuria Energy Group Holdings S.A. 
   -   Mercuria Energy Group Limited 

Daniel has been a director of the following companies during the previous five years:

   -   Mercuria Energy Trading PTE Ltd. 
   -   Mercuria Energy Trading B.V. 
   -   Orchard Petroleum Pty Ltd. 
   -   Eskdale Petroleum Inc. 
   -   Eskdale Petroleum Pty Ltd. 

Daniel has an indirect interest in the Company via Mercuria Energy Group Holding Ltd which holds approximately 84.4% of the Company's issued share capital.

Tim Harrington, Non-executive director, aged 60 years.

Tim is currently a director/partner of the following companies:

   -   TRP Energy LLC 
   -   Energyflo Chemical Application 
   -   TimKat Properties LLC 
   -   TimKat Resources LLC 
   -   JackLo Investments LLC 

Tim has been a director of the following companies during the previous five years:

   -   BP America Inc. 
   -   BP America Production Company 
   -   Texas Oil & Gas Association (TXOGA) 
   -   Greater Houston Partnership (GHP) 

Other than the information contained within this announcement, there is no further information required to be disclosed under Rule 17 and Schedule Two paragraph (g) of the AIM Rules.

Ends

For further information, please contact:

 
 Phoenix Global Resources   Sir Michael Rake,   T: [phone] 
  plc                        Chairman            T: [phone] 
                             Anuj Sharma, CEO 
  Stockdale Securities       Antonio Bossi       T: [phone] 
                              Ed Thomas 
  Panmure Gordon             Adam James          T: [phone] 
                              Charles Lesser 
  Camarco                    Billy Clegg         T: [phone] 
                              Owen Roberts 
                              James Crothers 
 

About Phoenix

Phoenix Global Resources is a London Stock Exchange (AIM: PGR) and Buenos Aires Stock Exchange (BCBA: PGR) listed independent Argentina focused oil and gas exploration and production company. The Company has over 6.3 million licenced working interest acres in Argentina (of which over 5 million are operated), 57.2 million boe of working interest 2P reserves and average production of approximately 11,070 working interest boepd in 2017. Phoenix has significant exposure to the unconventional opportunity in Argentina through its more than 560,000 working interest acres with Vaca Muerta potential.

The Company's website is www.phoenixglobalresources.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

BOAUSUWRWAAAAAA

(END) Dow Jones Newswires

November 15, 2018 02:01 ET (07:01 GMT)