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Completion of combination with PETSA

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By LSE RNS

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 Resources

Anuj Sharma, CEO

Philip Wolfe, CFO

Billy Clegg, Head of Communications

 

T: +54 11 5258 7500

T: +44 (0)203 757 4983

T: +44 (0)203 757 4983

Stockdale Securities

Antonio Bossi

David Coaten

T: +44 20 7601 6100

 

Panmure Gordon

 

Adam James

Atholl Tweedie

 

T: +44 207 886 2500

 

Camarco

 

Gordon Poole

James Crothers

 

T: +44 20 3757 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
 
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