CapEx Programs, Cost Saving Initiatives & Funding

15 May 2020

Phoenix Global Resources plc

("Phoenix" or the "Company")

Capital Expenditure Programs, Cost Saving Initiatives and Funding

Further to the announcement on 31 March 2020, Phoenix Global Resources plc (AIM: PGR; BCBA: PGR), the independent Argentine-focused upstream oil and gas exploration and production company, continues to focus on reducing its capital expenditure programs and other costs.

Mercuria (as defined below) remains supportive of the Board and the development and implementation of this capital expenditure and cost reduction program, which include discussions with Mercuria Energy Netherlands BV ("Mercuria"), part of the Mercuria Group, to restructure the existing convertible credit facilities agreement (the "Convertible Facilities Agreement")

As these discussion are ongoing and whilst the Board is confident agreement will be reached, Mercuria has agreed to amend certain terms of the Convertible Facilities Agreement, including further extending the interest payment grace period to 15 July 2020 and delaying the first repayment date to 15 July 2020.

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

- ENDS -