Phoenix Global Resources plc 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.