15th May 2020 07:00
15 May 2020
Phoenix Global Resources plc
("Phoenix" or the "Company")
Capital Expenditure Programs, Cost Saving Initiatives and Funding
Further to the announcement on 31 March 2020, Phoenix Global Resources plc (AIM: PGR; BCBA: PGR), the independent Argentine-focused upstream oil and gas exploration and production company, continues to focus on reducing its capital expenditure programs and other costs.
Mercuria (as defined below) remains supportive of the Board and the development and implementation of this capital expenditure and cost reduction program, which include discussions with Mercuria Energy Netherlands BV ("Mercuria"), part of the Mercuria Group, to restructure the existing convertible credit facilities agreement (the "Convertible Facilities Agreement")
As these discussion are ongoing and whilst the Board is confident agreement will be reached, Mercuria has agreed to amend certain terms of the Convertible Facilities Agreement, including further extending the interest payment grace period to 15 July 2020 and delaying the first repayment date to 15 July 2020.
For further information, please contact:
Phoenix Global Resources plc | Kevin Dennehy, CFO
| T: +54 11 5258 7500
|
Shore Capital Joint broker and nominated adviser
| Antonio Bossi David Coaten | T: +44 20 7408 4090 |
Panmure Gordon Joint broker |
Daniel Norman Atholl Tweedie |
T: +44 20 7886 2500 |
Camarco Financial PR |
Billy Clegg Owen Roberts James Crothers |
T: +44 20 3757 4980 |
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). The Company has over 1.8 million licenced working interest acres in Argentina (of which over 0.7 million are operated), 57.1 million boe of working interest 2P reserves and average working interest production of 10,249 boepd in 2018. Phoenix has significant exposure to the unconventional opportunity in Argentina through its approximately 700,000 working interest acres with Vaca Muerta and other unconventional potential.
The Company's website is www.phoenixglobalresources.com
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Related Shares:
PGR.L