Phoenix Global Resources PLC Result of Exit Opportunity and Cancellation (8519Y)

TIDMPGR

RNS Number : 8519Y

Phoenix Global Resources PLC

09 September 2022

9 September 2022

Phoenix Global Resources plc

("Phoenix" or the "Company")

Result of Exit Opportunity

and

Cancellation

Result of Exit Opportunity

Further to its announcement of 3 August 2022, Phoenix Global Resources plc (AIM: PGR; BCBA: PGR), the upstream oil and gas company, has been notified that acceptances have been received from Minority Shareholders holding, in aggregate, 223,669,284 Ordinary Shares under the Exit Opportunity, which closed for acceptances at 1.00 p.m. on 7 September 2022.

Following settlement of the transfers of the Ordinary Shares for which acceptances have been received, which is expected by 12 September 2022, Mercuria will be interested in 2,556,485,970 Ordinary Shares, representing 92.74 per cent. of the Company's issued share capital (excluding treasury shares).

Cancellation

The last day of dealings in the Company's Ordinary Shares on AIM will be 14 September 2022 and the Cancellation will become effective at 7.00 a.m. on 15 September 2022.

All defined terms in this announcement, unless otherwise defined, will have the same meaning as those defined in the Circular dated 3 August 2022.

Ends

For further information, please contact:

 
Phoenix Global Resources  Nigel Duxbury, Company  T: [phone] 
 plc                       Secretary 
 
  Shore Capital             Toby Gibbs              T: [phone] 
  Nominated Adviser and     David Coaten 
  Joint Broker 
 
  Panmure Gordon            John Prior              T: [phone] 
  Joint Broker              Atholl Tweedie 
 

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 0.8 million licenced working interest acres in Argentina (of which approximately 0.7 million are operated), 71.1 million boe of working interest 2P reserves and average working interest production of 4,553 boepd in 2021. Phoenix has signi cant exposure to the unconventional opportunity in Argentina through its approximately 0.4 million working interest acres with Vaca Muerta and other unconventional potential.

The Company's website is www.phoenixglobalresources.com

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(END) Dow Jones Newswires

September 09, 2022 02:01 ET (06:01 GMT)