Phoenix Global Resources PLC Cap-Ex Programs, Cost Saving Initiatives & Funding (1277I)
31 Marzo 2020 - 12:00AM
UK Regulatory
TIDMPGR
RNS Number : 1277I
Phoenix Global Resources PLC
31 March 2020
31 March 2020
Phoenix Global Resources plc
("Phoenix" or the "Company" )
Capital Expenditure Programs, Cost Saving Initiatives and
Funding
In these difficult market conditions, Phoenix Global Resources
plc (AIM: PGR; BCBA: PGR), the independent Argentine-focused
upstream oil and gas exploration and production company, is
reducing its capital expenditure programs and exploring other cost
saving initiatives.
As part of these initiatives, the Company is in discussions with
Mercuria Energy Netherlands BV ("Mercuria"), part of the Mercuria
Group, to restructure the existing convertible credit facilities
agreement (the "Convertible Facilities Agreement") with Mercuria.
The Convertible Facilities Agreement provided for a grace period
(interest and principal) from 1 January 2019 to 29 February 2020
(the "Grace Period") with the loans amortising in equal quarterly
repayment instalments from 31 March 2020 until 31 December 2021,
the date of maturity.
Mercuria has agreed to amend certain terms of the Convertible
Facilities Agreement, including extending the Grace Period to 15
May 2020 and delaying the first repayment date under the
Convertible Facilities Agreement to 15 May 2020, whilst the Company
finalises the above mentioned capital expenditure reduction and
cost saving programs.
Mercuria remains supportive of the Board and the development of
a capital expenditure reduction and cost saving program. The Board
is confident agreement will be reached.
For further information, please contact:
Phoenix Global Resources plc Kevin Dennehy, CFO T: +54 11 5258 7500
Shore Capital Antonio Bossi T: +44 20 7408 4090
Joint broker and nominated David Coaten
adviser
Panmure Gordon Daniel Norman T: +44 20 7886 2500
Joint broker Atholl Tweedie
Camarco Billy Clegg T: +44 20 3757 4980
Financial PR Owen Roberts
James Crothers
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 signi cant 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
- ENDS -
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END
MSCWPUAUWUPUGRU
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