9 September 2022
Phoenix Global Resources plc
("Phoenix" or the "Company")
Result of Exit Opportunity
and
Cancellation
Result of Exit Opportunity
Further to its announcement of 3 August 2022, Phoenix Global Resources plc (AIM: PGR; BCBA: PGR), the upstream oil and gas company, has been notified that acceptances have been received from Minority Shareholders holding, in aggregate, 223,669,284 Ordinary Shares under the Exit Opportunity, which closed for acceptances at 1.00 p.m. on 7 September 2022.
Following settlement of the transfers of the Ordinary Shares for which acceptances have been received, which is expected by 12 September 2022, Mercuria will be interested in 2,556,485,970 Ordinary Shares, representing 92.74 per cent. of the Company's issued share capital (excluding treasury shares).
Cancellation
The last day of dealings in the Company's Ordinary Shares on AIM will be 14 September 2022 and the Cancellation will become effective at 7.00 a.m. on 15 September 2022.
All defined terms in this announcement, unless otherwise defined, will have the same meaning as those defined in the Circular dated 3 August 2022.
Ends
For further information, please contact:
| Phoenix Global Resources plc | Nigel Duxbury, Company Secretary
| T: +44 20 3912 2800
|
|
Shore Capital Nominated Adviser and Joint Broker
|
Toby Gibbs David Coaten |
T: +44 20 7408 4090 |
|
Panmure Gordon Joint Broker |
John Prior Atholl Tweedie |
T: +44 20 7886 2500 |
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 0.8 million licenced working interest acres in Argentina (of which approximately 0.7 million are operated), 71.1 million boe of working interest 2P reserves and average working interest production of 4,553 boepd in 2021. Phoenix has significant exposure to the unconventional opportunity in Argentina through its approximately 0.4 million working interest acres with Vaca Muerta and other unconventional potential.
The Company's website is www.phoenixglobalresources.com
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