Additional Funding

9 March 2020

Phoenix Global Resources plc

("Phoenix" or the "Company" and together with its subsidiary undertakings the "Group")

Additional Funding

Phoenix Global Resources plc (AIM: PGR; BCBA: PGR), the upstream oil and gas company offering its investors an opportunity to invest directly into Argentina's Vaca Muerta shale formation and other unconventional resources, is pleased to announce that the existing convertible revolving credit facility with Mercuria Energy Netherlands BV, part of the Mercuria Group ("Mercuria"), has been increased by US$6 million to US$291 million (the "Amended Convertible RCF"). The additional funds will be used to part support the Group's business plan for 2020.

Terms of the additional $6 million portion of the Amended Convertible RCF are the same as the terms of the existing Facility C loan as announced on 28 May 2019.

The Company remains in discussion with Mercuria regarding the funding of the business plan for the balance of the year.

For further information, please contact:

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). The Company has over 1.8 million licenced 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 10,249 boepd in 2018. Phoenix has significant exposure to the unconventional opportunity in Argentina through its approximately 700,000 working interest acres with Vaca Muerta and other unconventional potential.

The Company's website is www.phoenixglobalresources.com

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