21 Nov 2017 07:00
Phoenix Global Resources plc
("Phoenix" or the "Company")
Interoil Demerger
On 7 November 2017 the Company announced how it proposed to implement the Interoil Demerger and the associated reduction of capital. In view of the duration between the Interoil Demerger Record Time (6.00 p.m. on 8 August 2017) and the Interoil Demerger ex dividend date (15 December 2017), in order to simplify procedures and avoid the potential complexity of reconciling market claims since 8 August 2017, it is intended that the Exchangeable GuernseyCo Shares to be issued in satisfaction of the Interoil Demerger Distribution will be issued directly to Shareholders on the Phoenix Register at 7.00 a.m. on 15 December 2017. The directors therefore intend to include Shareholders who have acquired Phoenix Shares arising from the exercise of warrants over Phoenix Shares between the Interoil Demerger Record Time and the Interoil ex dividend date pursuant to the authorities sought in the Resolutions to be put to Shareholders at the General Meeting to be held on 23 November 2017 if such Resolutions are passed.
Excluded from the issue of the Exchangeable GuernseyCo Shares will be US Phoenix Shareholders and Other US Phoenix Shareholders. As a result of the Interoil Demerger Record Time being 8 August 2017, Mercuria Energy Asset Management B.V. and its affiliated company Upstream Capital Partners VI Limited will not participate in the Interoil Demerger in respect of Phoenix Shares which they have acquired after the Interoil Demerger Record Time.
All references to times are to London times unless otherwise stated.
For further information, please contact:
Phoenix Global Resources plc | Anuj Sharma, CEO Philip Wolfe, CFO
| T: +54 11 5258 7500 T: +44 20 7839 4974 |
Stockdale Securities | Antonio Bossi Ed Thomas | T: +44 20 7601 6100 |
Panmure Gordon |
Adam James Atholl Tweedie |
T: +44 20 7886 2500 |
Camarco |
Billy Clegg 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 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.