Phoenix Global Resources PLC CapEx Programs, Cost Saving Initiatives & Funding (9805M)
15 Mayo 2020 - 01:00AM
UK Regulatory
TIDMPGR
RNS Number : 9805M
Phoenix Global Resources PLC
15 May 2020
15 May 2020
Phoenix Global Resources plc
("Phoenix" or the "Company" )
Capital Expenditure Programs, Cost Saving Initiatives and
Funding
Further to the announcement on 31 March 2020, Phoenix Global
Resources plc (AIM: PGR; BCBA: PGR), the independent
Argentine-focused upstream oil and gas exploration and production
company, continues to focus on reducing its capital expenditure
programs and other costs.
Mercuria (as defined below) remains supportive of the Board and
the development and implementation of this capital expenditure and
cost reduction program, which include discussions with Mercuria
Energy Netherlands BV ("Mercuria"), part of the Mercuria Group, to
restructure the existing convertible credit facilities agreement
(the "Convertible Facilities Agreement")
As these discussion are ongoing and whilst the Board is
confident agreement will be reached, Mercuria has agreed to amend
certain terms of the Convertible Facilities Agreement, including
further extending the interest payment grace period to 15 July 2020
and delaying the first repayment date to 15 July 2020.
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
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