Trefoil Holdings Interim Report

29 September 2017

Phoenix Global Resources plc

("Phoenix")

UNAUDITED INTERIM RESULTS FOR TREFOIL HOLDINGS B.V.FOR THE SIX MONTH PERIOD TO 30 JUNE 2017

Phoenix Global Resources plc (AIM: PGR; BCBA: PGR), the independent Argentina-focused oil and gas exploration and production company, announces the unaudited interim results for the six month period ending 30 June 2017 in respect of Trefoil Holdings B.V. ("Trefoil", the "Company" or, together with its subsidiaries, the "Group"). Trefoil represents the Mercuria Oil and Gas Business in Argentina that combined with Andes Energia Plc on 10 August 2017 immediately prior to the enlarged group being renamed Phoenix Global Resources plc. Petrolera El Trebol S.A. ("PETSA") is an Argentina registered company and is the sole operating company of the Trefoil Holdings B.V. Group.

Operational review

Period highlights

· The Group continued its appraisal work on the Vaca Muerta shale formation in the Puesto Rojas block and made an application to the Province of Mendoza for an unconventional exploitation concession for the area

· Three wells were drilled during the period in the Puesto Rojas block, two of which also reached Vaca Muerta in addition to the conventional horizons

· During the period one conventional well (CP1014 ST) was completed in the Puesto Rojas area with initial production of 785 bopd (30 day average) on a working interest basis, from the Chachao formation

· Two development wells were drilled in the Santa Cruz Sur area

· Two exploration wells were drilled on the Angostura and Rio Cullen concessions in Tierra del Fuego

· Average realised oil price of US$49.57 per bbl, a decrease of US$8.27 per bbl or 14% compared to H1 2016 as the de-regulation of the Argentina domestic oil price brings closer parity to international benchmarks

· Average realised gas price of US$3.87 per mmbtu, an increase of US$1.05 or 37% compared to H1 2016

· EBITDA of US$15.0 million, a 43.8% reduction compared to H1 2016 as a result of lower oil prices and, as previously indicated, the re-phasing of the development and production programme for Puesto Rojas to 2H 2017 as the Group focused on Vaca Muerta evaluation in H1 2017

· At the period end net debt was US$16.1 million

Post period highlights

· On 10 August 2017, the combination with Andes Energia Plc, the AIM-listed Argentina exploration and production company, created a scaled pure play Argentina oil and gas company with significant Vaca Muerta and other unconventional acreage together with access to public markets

· Five further wells were drilled in the Puesto Rojas area, three of which have appraised unconventional potential. One further well was drilled in the Santa Cruz Sur area. Appraisal and testing of these wells is ongoing

· The Company recompleted a well at Cerro Del Medio which was previously producing 40 bopd and is producing post recompletion more than 300 bopd, which provides good initial indications of expanding our existing Agrio play with significant development potential, including with horizontal wells, in this prolific horizon.

· The Company has agreed with its JV partners that it will assume operatorship of the Rio Atuel exploration block from Tecpetrol effective from 1 October 2017. In addition, the Company has agreed to acquire Tecpetrol's 33.34% stake in the area, which will increase the Company's stake to 66.67% and add approximately 82,000 working interest acres

· Average monthly oil production from the blocks in the Malargüe region has increased to approximately 2,750 working interest bopd during the second half of September compared to an average of 2,326 working interest bopd in H1 2017

· Average monthly total production, as of 24 September 2017 is 8,751 working interest boepd, of which oil production is 5,371 working interest bopd and gas production is 3,380 working interest boepd

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), 61.7 million boe of working interest 2P reserves and average production of approximately 11,300 working interest boepd in 2016. Phoenix has significant exposure to the unconventional opportunity in Argentina through its 400,000 working interest acres of Vaca Muerta potential.

Phoenix's website is www.phoenixglobalresources.com

Chief Executive Officer's Review

NORTH ARGENTINA SEGMENT

Puesto Rojas - Cerro Mollar - Cerro Mollar Oeste - Cerro Mollar Norte

Appraisal activity

In H1 2017 the Company launched a three-well drilling campaign on the Puesto Rojas block. The campaign included two appraisal wells that reached the Vaca Muerta shale formation that lies beneath the existing conventional production horizons in the Puesto Rojas area allowing for further data acquisition for future unconventional appraisal programmes.

While the appraisal and testing of these wells is at an early stage, the initial results from the 2017 drilling campaign has shown that the Vaca Muerta formation is prevalent within the Puesto Rojas area and that it represents a potentially prolific development prospect for the Company.

The drilling activity undertaken to date in the Vaca Muerta formation represents an initial test programme to confirm the overall prospectivity of the formation. Based on the encouraging results of the initial programme and in order to expand the appraisal programme the Company has applied to the Province of Mendoza for an unconventional exploitation concession for the Puesto Rojas block.

The term of the unconventional exploitation concession is 35 years which includes a pilot phase of between three to five years. If successful in its application, the Company plans to expedite and conclude the pilot programme within three years. Following the conclusion of the agreed pilot phase the Company will be able to progress the full development of the unconventional resource in Vaca Muerta.

While the results of the test programme have been encouraging, the Company is unable at this time to determine conclusively the prospectivity of the Vaca Muerta formation on Puesto Rojas and will provide further updates as both the administrative and physical activities continue.

The Vaca Muerta shale formation represents a significant exploration and development opportunity for the Group and the formation has been the subject of significant interest and investment from the international oil and gas community. The Vaca Muerta shale formation has the potential to be a significant asset for Argentina in terms of inward investment, job creation and energy security.

The Company recompleted a well at Cerro Del Medio which was previously producing 40 bopd and is producing post recompletion more than 300 bopd, which provides good initial indications of expanding our existing Agrio play with significant development potential, including with horizontal wells, in this prolific horizon.

Majors including ExxonMobil and Chevron have been active in Vaca Muerta with YPF historically. In 2017 there have been a number of further new joint ventures announced by YPF and others including those by Shell, BP, Total/Pan American Energy, Wintershall, Schlumberger and Statoil.

The level of investments made and activity undertaken further underscores the potential of the Vaca Muerta opportunity.

Development drilling

In the period, the Company has continued the Cerro Pencal development programme commenced in 2013. At 30 June 2017 nine wells were on stream in the Cerro Pencal Field and producing over 2,500 working interest bopd. A number of the wells represent drilling success in new discoveries that are producing with low water cut and relatively high daily production rates.

Cerro Mollar Oeste and Cerro Mollar Norte are small concessions located west of the Cerro Mollar field that are operated by the Company with 100% working interest. The net revenue interest on these areas is 84.32% and 88.0% respectively. Together Cerro Mollar Oeste and Cerro Mollar Norte currently produce a little over 200 bopd of working interest production from six wells, with no gas.

Oil production

Oil production decreased 17% during the period, from 2,808 working interest bopd during the first half of 2016 to 2,326 working interest bopd in the same period in 2017. The production programme for the Puesto Rojas - Cerro Mollar area was rephased to the second half of the year as the priority objective for the Group in H1 2017 was the initial appraisal and evaluation activity on the Vaca Muerta shale formation.

Refugio Tupungato - Mendoza

The Company has operated the Tupungato area since October 2006, holding a 100% working interest that translates to a 80.52% net revenue interest. The area produces primarily crude oil. Oil production remained stable in the period with average daily production in H1 of 2017 of 1,000 working interest bopd to the Company as compared to 1,051 working interst bopd during the equivalent period in 2016. Production is derived from 38 active wells of which 24 are in the Tupungato field and 14 in the Refugio-Tupungato field. Any gas produced from the area is consumed in operations.

SOUTH ARGENTINA SEGMENT

Santa Cruz-Sur

In the year to date three development wells were drilled in Santa Cruz-Sur. Of the three wells, one well was conventionally completed and produced gas in H1 2017 and as of August was producing 1459 gross mcf per day. The remaining two wells are currently undergoing fracture stimulation and are expected to be onstream in H2 2017.

Rio Cullen

The Rio Cullen block is located in Tierra Del Fuego and is also operated by Roch. One exploration well, RC.x-1002, was drilled during the period. The well also targeted the Tobifera and Springhill formations. The well was completed in June 2017 through hydraulic fracture stimulation and as of August 2017 was producing at a rate of 876 mcf per day with minimal water production.

Both the well at Angostura and that at Rio Cullen were drilled as part of the exploration commitments entered under the ten-year extension to the concession agreement.

Production

Production by area is summarised as follows:

Financial review

Revenue decreased by US$10.2 million to US$58.0 million as compared to the equivalent period in the prior year due to lower oil prices achieved and lower oil production.

The Argentina domestic oil price has declined as the Government continues to allow the regulated domestic price to move towards parity with international benchmark prices. The average price achieved per bbl sold fell from US$57.84 in H1 2016 to US$49.57 in H1 2017. The fall in the domestic price resulted in a decline in revenue of US$8.6 million as compared to H1 2016. In addition, oil sales volumes were lower in H1 2017 than in H1 2016 with 940,394 bbls sold in H1 2017, down 94,631 period on period. The decline in sales volumes resulted in US$4.7 million less revenue in H1 2017 as compared to the same period in the previous year.

Offsetting the decline in oil revenues, the average gas price achieved in the period was $1.05 per mmbtu higher at US$3.87 per mmbtu as compared to US$2.82 in H1 2016. The increase in gas prices period on period resulted in an increase in revenue in H1 2017 of US$3.1 million compared to H1 2016. Gas volumes remained largely consistent period on period.

The Group recorded an operating loss of US$5.1 million in H1 2017 as compared to a gain of US$12.1 million on H2 2016. The decrease in operating profit is due principally to the decline in revenues of US$10.2 million together with the net impairment loss of US$5.7 million related to the relinquishment of the Puesto Pozo Cercado licence area. The gross impairment loss amounted to US$7.9 million representing the net investment in PP&E related to the block. This was offset by a tax credit recognised of US$2.2 million (35%).

EBITDA decreased by US$12.1 million to US$15.0 million compared to H1 2016 and driven primarily by the fall in sales revenue.

The net loss for the Group increased by US$6.8 million from US$0.2 million in H1 2016 to US$7.0 million in H1 2017. This was again driven by the decline in revenues in H1 2017 as compared to the same period in the previous period and the impairment loss of US$7.9 million in the current period offset by a lower tax charge in H1 2017 as compared to H1 2016. The tax charge in H1 2017 was US$8.9 million lower than in H1 2016 due to less revenue earned and the tax credit recognised in 2017 related to the impairment of Puesto Pozo Cercado.

The Group's total assets are consistent period on period, after taking account of both additions and depreciation for the period, at US$249 million at 30 June 2017 compared to US$246 million at 30 June 2016. Property plant and equipment has increased by US$19.7 million reflecting the appraisal work programme undertaken on the Vaca Muerta formation in Puesto Rojas in the period. This is offset by a reduction in the level of trade receivables by US$16.5 million at 30 June 2017 compared to 30 June 2016. The reduction in trade receivables is partly as a result of lower oil prices resulting in lower invoiced revenue and a focus on working capital in the period.

The Group's net assets have increased by US$26.8 million as compared to 30 June 2016 primarily as a result of the issuance of new ordinary shares with an aggregate value of US$30.7 million to Upstream Capital Partners as part of the group restructuring undertaken in contemplation of the combination with Andes Energia Plc (now Phoenix Global Resources plc) that completed on 10 August 2017.

At 30 June 2017 the Group had cash on hand of US$7.1 million. In addition, borrowings were US$24.0 million lower at 30 June 2017 at US$23.2 million compared to US$45.0 million at 30 June 2016, again as a result of corporate restructuring undertaken in contemplation of the combination with Andes Energia Plc.

At the period end net debt, calculated as total financial liabilities less available cash and cash equivalents, was US$16.1 million and is approximately US$27.0 million at the date of this announcement.

Anuj SharmaChief Executive Officer29 September 2017

Unaudited Consolidated Income statement

The accompanying notes are an integral part of these consolidated interim financial statements.

Unaudited Consolidated Statement of Financial Position

The accompanying notes are an integral part of these consolidated financial statements.

Unaudited Consolidated Statement of Changes in Equity

The accompanying notes are an integral part of these consolidated financial statements.

Unaudited Consolidated Statement of Cash Flows

The accompanying notes are an integral part of these consolidated financial statements.

Notes to the interim financial information

1. Basis of preparation

This condensed consolidated interim financial information for the six months ended 30 June 2017 has been prepared in accordance with IAS 34, "Interim financial reporting" as adopted by the European Union. The interim financial information has been prepared for Trefoil Holdings B.V., the parent company of the Mercuria Oil and Gas Business in Argentina that was combined with the former Andes Energia Plc on 10 August 2017 by way of a reverse acquisition. Immediately following the combination the enlarged Group was renamed Phoenix Global Resources PLC (AIM: PGR.L) ("Phoenix") and was readmitted to AIM following the approval of the Admission Document. The condensed consolidated interim financial information should be read in conjunction with the historical financial information for the three years ended 31 December 2016 that was prepared in accordance with International Financial Reporting Standards as adopted by the European Union for the purposes of the Admission Document. The historical financial information for the three years ended 31 December 2016 was prepared under the provisions of Standard for Investment Reporting 2000. The historical financial information is included in the AIM Admission Document that was prepared as part of the reverse acquisition of Andes Energia PLC which is available on the website of the enlarged group (www.phoenixglobalresources.com) or from the Phoenix Global Resources plc registered office.

The accounting policies applied in these interim financial statements are consistent with those applied in preparing the historical financial information and included in the Admission Document dated 24 July 2017 with the exception of certain recharges explained within the historical financial information.

The Group's business activities, together with factors likely to affect its future development, performance and position are set out in the operational and financial review sections of this report. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in the financial review section.

2. Segment reporting

IFRS 8, "Operating Segments", requires operating segments to be identified on the basis of internal reports that are regularly reviewed by the chief operating decision maker, which in the case of the Trefoil Holdings B.V. is considered to be the Mercuria Energy Group Limited's management, which is located in Geneva, Switzerland. Management considers and reviews operating segments by reference to geographic location. There are two reportable segments, "North Argentina Blocks" and "South Argentina Blocks". Segment performance is evaluated based on geographical operations.

The blocks included in each reportable segment are shown below:

Petrolera El Trebol S.A. ("PETSA") is an Argentina registered company and is the sole operating Company of the Trefoil Holdings B.V. Group.

(*) Due to agreements in place on the acquisition of the block between the former owners and YPF S.A., the Mercuria Oil and Gas Business assumes an overriding royalty at a maximum of 6% of production on Tupungato, to be paid in oil on a monthly basis to YPF S.A.

(**) On 10 May 2016, the Mercuria Oil and Gas Business agreed with YPF a swap of interests on the blocks Llancanelo and Cerro Mollar Norte, in Mendoza. The Mercuria Oil and Gas Business transferred to YPF its 10% participation in Llancanelo and received their 100% participation of Cerro Mollar Norte.

 (***) Due to agreements in place on the acquisition of the working interest in the blocks between the former owners and Burns International Inc., the Mercuria Oil and Gas Business assumes an overriding royalty at 5% of production on Campo Bremen, Moy Aike and Oceano, to be paid in cash on a monthly basis to Burns International Inc.

Below is detailed the information on each business segment considered by the Mercuria Oil and Gas Business' Management:

3. Cost of sales

4. Production costs

5. Exploration expenses

6. Income tax

7. Deferred tax

Deferred income tax assets are recognised for tax loss carry-forwards to the extent that it is probable that the tax loss carry-forward can be used to offset current taxes payable in the future.

8. Property, plant and equipment

9. Financial liabilities

During the first half of 2017, financial liabilities include bank loans denominated in Argentina Pesos and repayable in accordance with the maturity profile summarised below at (i) fixed rates within a range of 15.25 percent to 25 percent, and (ii) variable rates within 'Badlar corregida' plus 2 per cent. Financial liabilities also include bank loans denominated in US Dollar, at fixed rates within a range of 2.5 per cent to 4.25 per cent. Approximately 53 per cent of these loans were collateralised by Stand-by Letters Issued by European banks on behalf of the Mercuria Group.

During the first half of 2016, financial liabilities include bank loans denominated in Argentina Pesos and repayable in accordance with the maturity profile summarised below at (i) fixed rates within a range of 15.25 percent to 39 percent, and (ii) variable rates within a range of 'Badlar corregida' plus 1.5 and 5.75 per cent. Financial liabilities also include bank loans denominated in US Dollar, at fixed rates at 4.25 per cent. Approximately 62 per cent of these loans were collateralised by Stand-by Letters Issued by European banks on behalf of the Mercuria Group

10. Cash generated from operations

11. Events after the balance sheet date

Combination with the former Andes Energia Plc

On 10 August 2017 Andes Energia plc ("Andes") announced the completion of the combination with the Company. The combination was effected through the acquisition of the entire issued share capital of the Company in consideration for the issue of 1,899,106,385 consideration ordinary shares to the former shareholders of the Company by Andes. Immediately following the combination the enlarged Group was renamed Phoenix Global Resources plc (AIM: PGR.L; BCBS: PGR)) ("Phoenix") and was readmitted to AIM following the approval of the Admission Document. The Admission document that discusses the organisation of the enlarged Group and its activities in Argentina can be found on the Company's website (www.phoenixglobalresources.com).

The consideration Shares issued to Upstream Capital Partners represented 75.38% of the enlarged share capital on completion with the Andes shareholders holding 24.62%. The resulting ownership of Mercuria EG in the enlarged group on completion was approximately 78%.

Chañares Herrados and Puesto Pozo Cercado

On 21 August Phoenix Global Resources announced that it had been informed that Chañares Herrados S.A. ('CHSA'), the concessionaire and operator of the Chañares Herrados ("CH") and Puesto Pozo Cercado ("PPC") blocks, had presented to the Director of Hydrocarbons a new exploitation plan for the areas. CHSA was subsequently notified by the Province of Mendoza of its acceptance of the new plan.

Pursuant to this plan CHSA and the joint venture partners will relinquish 100% of the PPC block, which has production of approximately gross 423 bopd (net to Phoenix 331 bopd) and covers approximately 42,000 gross acres, and implement a work programme in the CH block with a gross investment commitment of approximately US$94 million over a four year period.

Phoenix's level of participation in the new work programme for the CH block, if any, has not yet been agreed with the operator.

Glossary