15 December 2017

Phoenix Global Resources plc

("Phoenix" or the "Company")

Interoil Demerger Update

Following the Reduction of Capital becoming effective yesterday, the Interoil Demerger will not complete today as anticipated in the expected timetable of events on page 5 of the circular published by the Company on 7 November 2017.

The Board will update Shareholders as soon as practicable regarding the completion of the Interoil Demerger.

For further information, please contact:

Capitalised terms used but not defined in this announcement have the same meaning as in the Circular published by the Company on 7 November 2017 and available on its website at www.phoenixglobalresources.com  

About Phoenix

Phoenix Global Resources is a London Stock Exchange (AIM: PGR) and Buenos Aires Stock Exchange (BCBA: PGR) listed independent Argentina focused oil and gas exploration and production company.  The Company has over 6.3 million licensed working interest acres in Argentina (of which over 5 million are operated), 61.7 million boe of working interest 2P reserves and average production of approximately 11,300 working interest boepd in 2016. Phoenix has significant exposure to the unconventional opportunity in Argentina through its 480,000 working interest acres with Vaca Muerta potential.

The Company's website is www.phoenixglobalresources.com.