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.

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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 significant 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