5 Mar 2021 14:24
5 March 2021
Phoenix Global Resources plc
("Phoenix" or the "Company")
Mata Mora
Exploitation concession and extension of exploration rights
Phoenix Global Resources plc (AIM: PGR; BCBA: PGR), the upstream oil and gas company, is pleased to announce that a new concession has been granted for its operated block Mata Mora located in the Neuquén province.
The Neuquén province has issued a Decree granting a 35-year unconventional exploitation concession over approximately 43,372 acres in the northern part of Mata Mora and extending for 5 years the exploration rights over approximately 11,918 acres in the southern part of Mata Mora.
The new exploitation concession covers the northern part of the block and provides for a Corporate Social Responsibility payment of US$ 2.75 million and an Infrastructure payment of US$ 3.25 million. The concession involves a pilot phase with certain works to be completed by March 2026, which include a capex commitment of US$ 110 million, consisting of four pads of three horizontal wells each, with an average lateral length of 2,150 metres.
The exploration rights cover the southern part of the block and consist of a first period set to expire in April 2022 and a second period of four years to April 2026. The exploration activity incudes a 3D seismic program with an estimated cost of US$ 3 million.
The concession is held in the name of the provincial oil company, Gas y Petróleo del Neuquén S.A. ("GyP"), with Phoenix holding a 90% interest through a joint venture agreement with GyP, who holds the remaining 10% interest.
Pablo Bizzotto, CEO, said:
"This is an important step for the company in its journey to continue to gradually develop its unconventional oil portfolio in the region."
Ends
For further information, please contact:
Phoenix Global Resources plc | Pablo Bizzotto Nigel Duxbury
| T: +54 11 5258 7500 T: +44 20 3912 2800
|
Shore Capital Joint broker and nominated adviser
| Antonio Bossi David Coaten | T: +44 20 7408 4090 |
Panmure Gordon Joint broker |
Daniel Norman Atholl Tweedie |
T: +44 20 7886 2500 |
About Phoenix
Phoenix Global Resources is an independent oil and gas exploration and production company focused on Argentina and listed on both the London Stock Exchange (AIM: PGR) and the Buenos Aires Stock Exchange (BCBA: PGR) and offers its investors an opportunity to invest directly into Argentina's Vaca Muerta shale formation and other unconventional resources.. The Company has over 0.9 million licenced working interest acres in Argentina (of which approximately 0.7 million are operated), 29.8 million boe of working interest 2P reserves and average working interest production of 9,236 boepd in 2019. Phoenix has significant exposure to the unconventional opportunity in Argentina through its approximately 0.6 million working interest acres with Vaca Muerta and other unconventional potential.
The Company's website is www.phoenixglobalresources.com