19th Sep 2018 13:38
LONDON (Alliance News) - Phoenix Global Resources PLC on Wednesday said it has agreed to pay a cash settlement in return for Integra Oil & Gas SA waiving its rights to two contracts.
The aggregate amount of the settlement is USD21.6 million, USD11.3 million of which may be settled in cash or through a share issue.
The oil& gas company renegotiated joint venture contracts governing its interest in the Mata Mora and Corralera concessions in Argentina, increasing its interest to 90% from 27% and assuming operatorship.
Integra has, in return for the settlement, waived its rights to participate in the concessions.
Shares in Phoenix Global Resources were up 5.2% at 24.62 pence on Wednesday.
Related Shares:
PGR.L