Holding(s) in Company

NOTIFICATION OF MAJOR HOLDINGS

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

Phoenix Global Resources plc

1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate)

Non-UK issuer

2. Reason for the notification (please mark the appropriate box or boxes with an "X")

An acquisition or disposal of voting rights

X

An acquisition or disposal of financial instruments

X

An event changing the breakdown of voting rights

Other (please specify):

3. Details of person subject to the notification obligation

Name

Mercuria Energy Group Holding Ltd

City and country of registered office (if applicable)

Larnaca, Cyprus

4. Full name of shareholder(s) (if different from 3.)

Name

1) Upstream Capital Partners VI Ltd

2) Mercuria Energy Netherlands B.V.

3) Mercuria Asset Holding (Hong Kong) Limited

4) Mercuria Energy Asset Management B.V.

City and country of registered office (if applicable)

1) Larnaca, Cypus

2) Utrecht, Netherlands

3) Hong Kong, China

4) Utrecht, Netherlands

5. Date on which the threshold was crossed or reached:

14/06/2019

6. Date on which issuer notified (DD/MM/YYYY):

14/06/2019

7. Total positions of person(s) subject to the notification obligation

% of voting rights attached to shares (total of 8. A)

% of voting rights through financial instruments(total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights of issuer

Resulting situation on the date on which threshold was crossed or reached

69.843%

(Post dilution)

16.249%

(Post dilution)

86.092%

(Post dilution)

3,335,722,191

(Post dilution)

Position of previous notification (if

applicable)

72.880%

(Post dilution)

12.211%

(Post dilution)

85.091%

(Post dilution)

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached

A: Voting rights attached to shares

Class/type ofshares

ISIN code (if possible)

Number of voting rights

% of voting rights

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

GB00B7LHJ340

0

2,329,762,468

0%

69.843%

SUBTOTAL 8. A

2,329,762,468

69.843%

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))

Type of financial instrument

Expirationdate

Exercise/Conversion Period

Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights

Warrants

Various

Various

26,456,475

0.793%

Convertible loan

15/12/2021

30/06/2018 to 15/12/2021

284,141,436

8.518%

Convertible loan

15/12/2021

30/06/2019 to 15/12/2021

214,057,443

6.417%

Convertible loan

15/12/2021

30/06/2020 to 15/12/2021

17,372,778

0.521%

SUBTOTAL 8. B 1

542,028,132

16.249%

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))

Type of financial instrument

Expirationdate

Exercise/Conversion Period

Physical or cash

settlement

Number of voting rights

% of voting rights

SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an "X")

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer

Full chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held starting with the ultimate controlling natural person or legal entity (please add additional rows as necessary)

X

Name

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

Mercuria Energy Group Ltd

69.843%

16.249%

86.092%

Upstream Capital Partners VI Ltd

57.698%

0.749%

58.447%

Mercuria Energy Netherlands B.V.

0.00%

15.456%

15.456%

Mercuria Asset Holding (Hong Kong) Limited

10.221%

0.000%

10.221%

Mercuria Energy Asset Management B.V.

1.924%

0.044%

1.968%

10. In case of proxy voting, please identify:

Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held

11. Additional information

Place of completion

London, UK

Date of completion

14/06/2019

Phoenix Global Resources plc

Kevin Dennehy, CFO

T: +54 11 5258 7500

Stockdale Securities

Antonio Bossi

David Coaten

T: +44 20 7601 6100

Panmure Gordon

Charles Lesser

T: +44 20 7886 2500

Camarco

Billy Clegg

Owen Roberts

James Crothers

T: +44 20 3757 4980