18 March 2022

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.

With immediate effect, Daniel Jaeggi, Non-Executive Director has stepped step down as the Mercuria Group's representative on the Board and has been replaced by Magid Shenouda as Non-Executive Director.

Magid is Deputy CEO and Group Head of Trading at Mercuria Energy Group Limited. He is responsible for overseeing Mercuria's core business function. Prior to Mercuria, Magid was global co-head of commodities trading at Goldman Sachs, where he was responsible for driving several key acquisitions, as well as the expansion of the commodities business. At Goldman, he was named managing director in 2005 and partner in 2008. Magid joined Goldman in London as an executive director in oil trading in 1999. Prior to assuming this role, he was head of European crude oil and products trading, and European gas and power trading. Magid was a member of the Securities Division EMEA Operating Committee and the Physical Commodity Review Committee.

Sir Michael Rake, Chairman of Phoenix said:

"We would like to thank Daniel for his contribution to Phoenix over the time he has been a director and would like to welcome Magid to the Board, who brings with him a wealth of experience."

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

Magid Nabil Shenouda, Non-Executive Director, aged 52 years, does not personally hold a direct interest in the Company's share capital, but has an indirect interest in the Company via Mercuria Energy Group Holding Ltd, which holds approximately 84 per cent. of the Company's issued share capital.

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

-   CWP Europe SARL

-   Eclipse Film Partners No.35 LLP

-   MDJ Partnership

-   Mercuria Energy Group Holding Ltd

-   Mercuria Energy Group Limited

-   Mertech Holding Ltd

-   Minerva (Singapore) Pte. Ltd

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

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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), 18.8 million boe of working interest 2P reserves and average working interest production of 4,549 boepd in 2020. 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