Phoenix Global Resources PLC Funding (8620W)
December 29 2021 - 2:00AM
UK Regulatory
TIDMPGR
RNS Number : 8620W
Phoenix Global Resources PLC
29 December 2021
29 December 2021
Phoenix Global Resources plc
("Phoenix" or the "Company")
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 announcement on 7 October 2021, 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 from
14 September 2021, the date of the release of the interim results,
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
continue.
Consistent with these intentions, Mercuria has agreed to extend
the repayment date for the bridging facility's principal and
interest to 31 December 2022 and extend the interest payment grace
period to 30 September 2022 and delay the first repayment date to
31 December 2022 for the convertible facilities agreement.
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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