30 June 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.
As disclosed in the 2020 final results, Mercuria stated its intention to provide financial support to the Company in order that the Company could continue to operate and service the Company's liabilities as they fall due for the 12-month period after the signing of the 2020 Annual Report and Accounts and agreed to meet the Company's cash needs for this period and not demand repayment of the loans (principal and interest), whilst discussions between the parties to restructure the loans continued.
The Board still believes that it will be able to agree the restructure of the existing debt with Mercuria and formalise an agreement for new funding and these discussions are ongoing. Whilst they continue, Mercuria has agreed to increase the bridging facility by US$1.5m to US$42.5 million, with the principal terms consistent with the terms of the existing facility and the repayment date for principal and interest extended to 30 September 2021 and for the convertible facilities agreement has also agreed to extend the interest payment grace period to 30 June 2021 and delay the first repayment date to 30 September 2021. The loans will continue to be unsecured.
For further information, please contact:
| Phoenix Global Resources plc | Nigel Duxbury
| T: +44 20 3912 2800
|
| Shore Capital Nominated Adviser and Joint Broker
| Toby Gibbs David Coaten | T: +44 20 7408 4090 |
|
Panmure Gordon Joint Broker |
John Prior Atholl Tweedie |
T: +44 20 7886 2500 |
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
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