21 August 2017

Phoenix Global Resources plc

("Phoenix" or the "Company")

Chañares Herrados and Puesto Pozo Cercado

Phoenix Global Resources plc (AIM: PGR; BCBA: PGR), the independent exploration and production company with a balanced portfolio of conventional and unconventional assets primarily in Argentina, provides an update on the proposed new exploitation plan for the Chañares Herrados ("CH") and Puesto Pozo Cercado ("PPC") blocks in Mendoza. Pursuant to the original joint venture agreement, Phoenix had a 78% interest with other parties.

As detailed in the Company's Admission Document published on 24 July 2017, Phoenix was informed that Chañares Herrados S.A. ("CHSA"), the concessioner and operator of the CH and PPC blocks, presented to the Director of Hydrocarbons a new exploitation plan for the areas.

CHSA has now been notified by the Province of Mendoza of its acceptance of a new exploitation plan.

Pursuant to this plan CHSA and the joint venture partners will relinquish 100% of the PPC block, which has production of approximately gross 423 bopd (net to Phoenix 331 bopd) and covers approximately 42,000 gross acres, and implement a work programme in the CH block with a gross investment commitment of approximately US$94 million over a 4 year period.

Phoenix's level of participation in the new work programme for the CH block, if any, has not yet been agreed with the operator.

Anuj Sharma, Chief Executive Officer, commented: "Whilst the relinquishment of the PPC block has a slight impact on production it provides more flexibility with regards to our future commitment to work programmes in this concession."

Ends

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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