PGR.L Regulatory News (PGR)

25 July 2022

Phoenix Global Resources plc

("Phoenix" or the "Company")

Mata Mora Drilling Update

Phoenix Global Resources plc (AIM: PGR; BCBA: PGR), the upstream oil and gas company, announces an update on drilling activity at Mata Mora.

Mata Mora Pad 2

The Company has finished the drilling activity for Pad 2, completing three wells with vertical sections to depths of 2,314 metres, 2,280 metres and 2,316 metres each with 2,600 metre horizontal lateral lengths sections with 110 frac stages, navigating the Vaca Muerta formation.

The initial flowback testing has commenced and the wells are currently under productivity testing. The wells showed oil within the first 24 hours with good wellhead pressure trends with oil production and well behaviour in line with management's expectations. The Company will continue with the flowback process, which includes evaluating how the water cut behaves in each well over time following our drawdown management policy.

Mata Mora Pad 3

The Company has commenced the activities for Pad 3, which consists of three wells with 2,100 metre horizontal lateral lengths and 87 frac stages. The Company has finished drilling three vertical sections to depths of 2,271 metres, 2,234 metres and 2,260 metres and the three corresponding horizontal branches, navigating the Vaca Muerta formation. Completion activities are expected to commence before the end of Q3 2022.

Mata Mora Pad 1N

The Company has commenced the drilling activity for Pad 1N, which consists of three additional wells with 2,200 metre horizontal lateral lengths and 93 frac stages. This drilling activity is expected to be completed by late September 2022.

The oil treatment facilities and measurement stations and flowline tie-ins to oil evacuation pipelines for Mata Mora have been completed. The gas treatment facilities and flowline tie-ins to gas evacuation pipelines are under construction and expected to be completed by the end of Q3 2022.

The initial flowback testing results of Pad 2 are encouraging and in line with management's expectations, but it is too early to draw any final conclusions. A further update on activity and the results of the ongoing tests and evaluation will be provided in due course.

Ends

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Qualified Person Review

In accordance with AIM guidance for mining, oil and gas companies, Mr. Cristian Espina has reviewed the information contained in this announcement. Mr. Cristian Espina, Chief Operating Officer for the group, is a petroleum engineer with over 20 years of experience in the oil and gas industry and is a member of the Society of Petroleum Engineers.

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 0.8 million licenced working interest acres in Argentina (of which approximately 0.7 million are operated), 71.1 million boe of working interest 2P reserves and average working interest production of 4,553 boepd in 2021. Phoenix has significant exposure to the unconventional opportunity in Argentina through its approximately 0.4 million working interest acres with Vaca Muerta and other unconventional potential.

The Company's website is www.phoenixglobalresources.com