Additional Funding

6 December 2018

Phoenix Global Resources plc

("Phoenix", "PGR" or the "Company" and together with its subsidiary undertakings the "Group")

Additional Funding

Further to the Company's announcement on 16 February 2018, Phoenix Global Resources plc (AIM: PGR; BCBA: PGR), the upstream oil and gas company offering its investors an opportunity to invest directly into Argentina's Vaca Muerta shale formation and other unconventional resources, is pleased to announce additional funding arrangements.

Highlights

· Existing convertible revolving credit facility with Mercuria Energy Netherlands BV ("MENBV"), part of the Mercuria Group, increased to US$185 million, providing immediate initial additional funds of US$25 million (the "New Convertible RCF")

· Additional funds will be used to continue to support the Group's business plan

New Convertible RCF

The New Convertible RCF of US$185 million will provide immediate initial additional funds of US$25 million ("Facility B Loan") and bears interest at a rate of 4% over 3-month LIBOR with a maturity date of 31 December 2021. The New Convertible RCF has a 13-month repayment grace period and will be amortised in equal quarterly repayment instalments from 31 December 2019 until maturity. Mercuria Group will have the right to convert all or part of the Facility B Loan into additional new ordinary shares of Phoenix at a price of 28 pence per share at any time from 30 June 2019 until 10 business days prior to the maturity, subject to appropriate shareholder resolutions in relation to the authority to allot and disapplication of pre-emption rights in relation to such shares having been approved. The Company intends to propose the relevant resolutions at its annual general meeting to be held next year.

The Company remains in discussion with Mercuria regarding the funding of the 2019 business plan.

For further information, please contact:

Qualified Person Review

In accordance with AIM guidance for mining, oil and gas companies, Mr. Javier Vallesi and Mr. Greg Easley have reviewed the information contained in this announcement. Mr. Vallesi, Chief Operating Officer of the group, is a petroleum engineer with over 22 years of experience in the oil and gas industry and is a member of the Argentinian Institute of Oil and Gas. Mr. Easley, Senior Manager - Reservoir and Engineering, is a petroleum engineer with over 10 years of experience in the oil and gas industry, is a licenced Professional Engineer in the State of Texas and is a member of the Society of Petroleum Engineers.

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 licensed 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 9,750 working interest boepd in Q3 2018. Phoenix has significant exposure to the unconventional opportunity in Argentina through its 560,000 working interest acres with Vaca Muerta potential.

The company's website is www.phoenixglobalresources.com