Phoenix Global Resources PLC Award of unconventional concession at Puesto Rojas (0690V)
04 April 2019 - 5:01PM
UK Regulatory
TIDMPGR
RNS Number : 0690V
Phoenix Global Resources PLC
04 April 2019
4 April 2019
Phoenix Global Resources plc
("Phoenix" or the "company")
Award of unconventional concession at Puesto Rojas
Phoenix Global Resources plc (AIM: PGR; BCBA: PGR), the upstream
oil and gas company offering its investors direct exposure to
Argentina's Vaca Muerta shale formation and other unconventional
resources, is pleased to announce that it has been granted an
unconventional concession for its Puesto Rojas block in Mendoza
province.
The company has been notified by Mendoza Province that it has
been successful in its application for an unconventional concession
for the entire Puesto Rojas block. The new concession agreement
replaces the previous conventional concession that was due to
expire in 2027.
The new unconventional concession agreement has been granted for
a primary term of 35 years and contains provision for extensions
thereafter. This new concession is the first of its kind to be
issued in Mendoza province.
The concession agreement contains a pilot phase with certain
works to be completed by June 2022. On conclusion of the pilot
phase the company will have the option to move into unconventional
development or to terminate the unconventional concession without
penalty and resume the conventional development of the block.
Anuj Sharma, CEO, said:
"The award of the unconventional concession represents the
achievement of a significant milestone in our plans for the
unconventional development of Puesto Rojas and reflects the
commitment and hard work of our team over the last several months.
The unconventional concession is the first of its kind to be issued
in Mendoza and, subject to the satisfaction of the associated
commitments, provides clarity and incentive for unconventional
activity over Puesto Rojas for the foreseeable future."
For further information, please contact:
Phoenix Global Resources Anuj Sharma, CEO T: +54 11 5258 7500
plc Kevin Dennehy, CFO
Stockdale Securities Antonio Bossi T: +44 20 7601 6100
David Coaten
Panmure Gordon Charles Lesser T: +44 20 7886 2500
Camarco Billy Clegg T: +44 20 3757 4980
Owen Roberts
James Crothers
About Phoenix
Phoenix Global Resources is an independent oil and gas
exploration and production company focused on Argentina and listed
on the London Stock Exchange (AIM: PGR) and Buenos Aires Stock
Exchange (BCBA: PGR). The Company has over 1.8 million licensed
working interest acres in Argentina (of which over 0.7 million are
operated), 57.1 million boe of working interest 2P reserves and
average working interest production of approximately 10,249 boepd
in 2018. Phoenix has signi cant exposure to the unconventional
opportunity in Argentina through its 700,000 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
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contact rns@lseg.com or visit www.rns.com.
END
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