Additional Funding

23 September 2021

Phoenix Global Resources plc

("Phoenix" or the "Company")

Additional Funding

Phoenix Global Resources plc (AIM: PGR; BCBA: PGR), the upstream oil and gas company, announces an update on its funding arrangements.

The announcement of the Company's unaudited interim results on 14 September 2021, referenced the ongoing discussions with Mercuria, the Company's major shareholder, to restructure the loan facilities provided by Mercuria.

Whilst these discussions continue, Mercuria has agreed to further increase the bridging facility by US$7.5 million to US$50.0 million, with the principal terms consistent with the terms of the existing facility and the repayment date for principal and interest extended to 31 December 2021 and has also agreed to extend the interest payment grace period to 30 September 2021 for the convertible facilities agreement and delay the first repayment date to 31 December 2021. The loans will continue to be unsecured. The increased facility will be used to fund the Company's planned work programs.

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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