Phoenix Global Resources PLC Additional Funding (5534D)
June 30 2021 - 2:00AM
UK Regulatory
TIDMPGR
RNS Number : 5534D
Phoenix Global Resources PLC
30 June 2021
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 Toby Gibbs T: +44 20 7408 4090
Nominated Adviser and Joint David Coaten
Broker
Panmure Gordon John Prior T: +44 20 7886 2500
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 0.9 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 signi cant 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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