Phoenix Global Resources PLC Mata Mora concession (3770R)
March 05 2021 - 8:24AM
UK Regulatory
TIDMPGR
RNS Number : 3770R
Phoenix Global Resources PLC
05 March 2021
5 March 2021
Phoenix Global Resources plc
("Phoenix" or the "Company")
Mata Mora
Exploitation concession and extension of exploration rights
Phoenix Global Resources plc (AIM: PGR; BCBA: PGR), the upstream
oil and gas company, is pleased to announce that a new concession
has been granted for its operated block Mata Mora located in the
Neuquén province.
The Neuquén province has issued a Decree granting a 35-year
unconventional exploitation concession over approximately 43,372
acres in the northern part of Mata Mora and extending for 5 years
the exploration rights over approximately 11,918 acres in the
southern part of Mata Mora.
The new exploitation concession covers the northern part of the
block and provides for a Corporate Social Responsibility payment of
US$ 2.75 million and an Infrastructure payment of US$ 3.25 million.
The concession involves a pilot phase with certain works to be
completed by March 2026, which include a capex commitment of US$
110 million, consisting of four pads of three horizontal wells
each, with an average lateral length of 2,150 metres.
The exploration rights cover the southern part of the block and
consist of a first period set to expire in April 2022 and a second
period of four years to April 2026. The exploration activity
incudes a 3D seismic program with an estimated cost of US$ 3
million.
The concession is held in the name of the provincial oil
company, Gas y Petróleo del Neuquén S.A. ("GyP"), with Phoenix
holding a 90% interest through a joint venture agreement with GyP,
who holds the remaining 10% interest.
Pablo Bizzotto, CEO, said:
"This is an important step for the company in its journey to
continue to gradually develop its unconventional oil portfolio in
the region."
Ends
For further information, please contact:
Phoenix Global Resources plc Pablo Bizzotto T: +54 11 5258 7500
Nigel Duxbury T: +44 20 3912 2800
Shore Capital Antonio Bossi T: +44 20 7408 4090
Joint broker and nominated David Coaten
adviser
Panmure Gordon Daniel Norman 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), 29.8 million boe of
working interest 2P reserves and average working interest
production of 9,236 boepd in 2019. 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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DRLUPUUPWUPGGCA
(END) Dow Jones Newswires
March 05, 2021 09:24 ET (14:24 GMT)
Phoenix Global Resources (LSE:PGR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Phoenix Global Resources (LSE:PGR)
Historical Stock Chart
From Apr 2023 to Apr 2024
