TIDMPGR
RNS Number : 5926N
Phoenix Global Resources PLC
10 August 2017
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA,
JAPAN, AUSTRALIA, OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO.
10 August 2017
Phoenix Global Resources plc
("Phoenix" or the "Company")
Completion of combination with PETSA and first day of dealings
of Enlarged Share Capital
Phoenix Global Resources plc (AIM: PGR; BCBA: PGR), the
independent exploration and production company with a balanced
portfolio of conventional and unconventional assets in Argentina
and Colombia, is pleased to announce completion of the combination
with PETSA and that the Enlarged Share Capital has been admitted to
trading on AIM and dealings in the Enlarged Share Capital have
commenced.
Phoenix has over 10 million licenced gross acres (of which over
5 million are operated); 61.7 million boe net working interest 2P
reserves; and production of over 11,300 net working interest boepd
on average in 2016 (excludes Interoil). The Company has a strong
and growing production base from a diversified portfolio across
hydrocarbon basins and significant exposure to the Vaca Muerta
formation with over 1 million gross acres in various concessions.
The Vaca Muerta formation is currently one of the few economically
producing shale oil formations outside of North America with
production of over 65,000 boepd.
The Company has an active work programme of development and
exploration drilling which is expected to deliver a doubling of net
working interest production by the end of 2021. In addition, the
Company plans to explore, appraise and make use of the world class
potential of its unconventional resource base in the Vaca Muerta
formation. Phoenix's current drilling programme in the Vaca Muerta
formation includes drilling several wells by the end of 2018.
Ends
For further information, please contact:
Phoenix Global Anuj Sharma, T: +54 11 5258
Resources CEO 7500
Philip Wolfe, T: +44 (0)203
CFO 757 4983
Billy Clegg, T: +44 (0)203
Head of Communications 757 4983
Stockdale Securities Antonio Bossi T: +44 20 7601
David Coaten 6100
Panmure Gordon Adam James T: +44 207 886
Atholl Tweedie 2500
Camarco Gordon Poole T: +44 20 3757
James Crothers 4980
Capitalised terms used but not defined in this announcement have
the same meaning as in the readmission document published on 24
July 2017 and available from the Company's website at
www.phoenixglobalresources.com
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY, IS NOT
INTENDED TO AND DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER OR
INVITATION TO PURCHASE OR SUBSCRIBE FOR, UNDERWRITE, SELL OR ISSUE
OR THE SOLICITATION OF AN OFFER TO PURCHASE OR SUBSCRIBE, SELL,
ACQUIRE, DISPOSE OF THE ORDINARY SHARES OR ANY OTHER SECURITY IN
THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, THE REPUBLIC OF
SOUTH AFRICA, JAPAN OR IN ANY JURISDICTION IN WHICH, OR TO ANY
PERSONS TO WHOM, SUCH OFFERING, SOLICITATION OR SALE WOULD BE
UNLAWFUL.
ANY SECURITIES DESCRIBED HEREIN MAY NOT BE OFFERED OR SOLD IN
THE UNTED STATES, UNLESS REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR
PUSUANT TO AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENT. NO
PUBLIC OFFERING OF SECURITIES IS BEING MADE IN THE UNITED STATES,
AND THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE AN
OFFERING OF SECURITIES FOR SALE IN THE UNITED STATES. THE COMPANY
DOES NOT CURRENTLY INTEND TO REGISTER ANY SECURITIES UNDER THE
SECURITIES ACT. THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION
OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR
INTO THE UNITED STATES.
Stockdale Securities Limited is authorised and regulated in the
United Kingdom by the Financial Conduct Authority ("FCA") and is
acting exclusively for the Company in connection with the
Transaction and Admission and no one else and will not be
responsible to anyone other than the Company for providing the
protections afforded to its clients nor for providing advice to any
other person in relation to the Transaction and Admission and/or
any other matter referred to in this Announcement.
Panmure Gordon (UK) Limited is authorised and regulated in the
United Kingdom by the FCA and is acting as joint broker to the
Company and will not be responsible to anyone other than the
Company for providing the protections afforded to its clients nor
for providing advice to any other person in relation to the
Transaction and Admission and/or any other matter referred to in
this Announcement.
This announcement contains certain forward-looking statements,
beliefs or opinions, with respect to certain of the Company's
current expectations and projections about future prospects,
developments, strategies, performance, anticipated events or trends
and other matters that are not historical facts. These
forward-looking statements, which sometimes use words such as
"aim", "anticipate", "believe", "intend", "plan" "estimate",
"expect" and words of similar meaning, include all matters that are
not historical facts and reflect the Directors' beliefs and
expectations and involve a number of risks, uncertainties and
assumptions that could cause actual results and performance to
differ materially from any expected future results or performance
expressed or implied by the forward-looking statement. Statements
contained in this announcement regarding past trends or activities
should not be taken as a representation that such trends or
activities will continue in the future. The information contained
in this announcement is subject to change without notice and,
except as required by applicable law, none of the Company,
Stockdale, Panmure Gordon nor any of their respective affiliates
nor any of their respective directors, officers, employees,
advisers or representatives assumes any responsibility or
obligation to update, amend or revise publicly or review any of the
forward-looking statements contained in this announcement. You
should not place undue reliance on forward-looking statements,
which speak only as of the date of this announcement. No statement
in this announcement is or is intended to be a profit forecast or
profit estimate or to imply that the earnings of the Company for
the current or future financial years will necessarily match or
exceed the historical or published earnings of the Company. Past
performance of the Company and PETSA cannot be relied on as a guide
to future performance and persons reading this announcement are
cautioned not to place undue reliance on such forward-looking
statements.
Notes to editors
Phoenix Global Resources plc is an independent exploration and
production company with a balanced portfolio of conventional and
unconventional assets in Argentina with over 10 million licenced
gross acres (of which over 5 million are operated); 61.7 million
boe net working interest 2P reserves; and production of over 11,300
net working interest boepd on average in 2016 (excludes Interoil).
The Company has a strong and growing production base from a
diversified portfolio across hydrocarbon basins and significant
exposure to the Vaca Muerta formation with over 1 million gross
acres in various concessions. The Vaca Muerta formation is
currently one of the few economically producing shale oil
formations outside of North America with production of over 65,000
boepd. The Company also has a number of assets in Colombia.
The Company has an active work programme of development and
exploration drilling which is expected to deliver a doubling of net
working interest production by the end of 2021. In addition, the
Company plans to explore, appraise and make use of the world class
potential of its unconventional resource base in the Vaca Muerta
formation. The current drilling programme in the Vaca Muerta
formation includes drilling several wells by the end of 2018.
The Company has a strong, independent board, which includes:
Chairman, Sir Michael Rake; Chief Executive Officer, Anuj Sharma;
Chief Financial Officer, Philip Wolfe; and seven further
non-executive directors, of whom four are independent. The
directors are committed to the highest standards of corporate
governance. The Company benefits from a highly experienced and
qualified management and operating team in Argentina.
www.phoenixglobalresources.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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