30th Apr 2018 13:23
LONDON (Alliance News) - Phoenix Global Resources PLC on Monday said it has increased its ownership and taken operational control of two blocks in Argentina, while also adding four more to its portfolio.
Phoenix has increased its holdings in the Mata Mora and Corralera blocks to 90% from 27% and ihas now taken control of operations there.
At Mata Mora, Phoenix has planned two new wells for 2018, and it is to drill a new well on each of the Corralera Sur and Corralera Noroeste sites either in 2019 or 2020.
Further, it has added four new blocks to its portfolio in Neuquen province. Overall, Phoenix's operated acreage in its core Vaca Muerta play has increased 15% to 560,000 acres, and it likewise has operatorship on all of the new acreage.
The company gave no financial details of any of the transactions.
Chief Executive Anuj Sharma said: "We are delighted to have renegotiated and increased our working interest in now PGR-operated Mata Mora and Corralera blocks from 27% to 90% as well as adding four new operated blocks in the Neuquen Province to Phoenix’s portfolio in the recent Neuquen bid round."
"Together, these agreements will mean that Phoenix’s acreage position now covers approximately 7.5% of the entire Vaca Muerta formation. We have also signed an LOI with Nabors to secure a drilling rig in order to immediately start our horizontal drilling campaign in the Neuquen province."
Phoenix shares were up 4.3% on Monday at a price of 26.60 pence each.
Related Shares:
PGR.L