Response to share price movement

FOR IMMEDIATE RELEASE

22 June 2022

Phoenix Global Resources plc

("Phoenix" or the "Company")

Response to share price movement

The Board of Phoenix notes the recent share price movement and confirms that an independent committee of the Board of directors of Phoenix (the "Independent Committee") is in discussions with the Company's 84% shareholder, Mercuria Energy Group Limited ("Mercuria"), regarding a possible cancellation of the Company's admission on AIM and trading on the Buenos Aires Stock Exchange and related cash exit opportunity for other shareholders in the Company ("Minority Shareholders"), who may not wish to remain shareholders in the Company following any such cancellation (the "Possible Cancellation and Exit Opportunity").

Under the proposed discretionary exit opportunity to Minority Shareholders, Mercuria has communicated to the Company its intention to offer a purchase price of 7.5 pence for each Phoenix share in cash, being a 25 per cent. premium to the closing mid-market price per ordinary share and a c.50 per cent. premium to the 30-day VWAP on 21 June 2022 (being the latest practicable date prior to this announcement).

These discussions remain at a preliminary stage and a further announcement will be made in due course. There can be no certainty that the Possible Cancellation and Exit Opportunity will proceed nor as to the terms on which it will be undertaken or its form.

The person responsible for making this announcement is Nigel Duxbury, Company Secretary.

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For further information, please contact:

MAR

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014.

Legal Entity Identifier ("LEI")

Phoenix's LEI is 213800KGHZ6DKGJNNT92

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), 54.0 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