7 Aug 2018 16:23
7 August 2018
Phoenix Global Resources plc
("Phoenix" or the "Company")
Permits for Unconventional Activities Granted by Mendoza Province
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, is pleased to announce the grant of permits by Mendoza province to conduct unconventional oil and gas activities in five wells in the Puesto Rojas block.
Mendoza province has adopted regulations in Argentina consistent with industry and international best practice, to ensure unconventional activities are carried out in an environmentally safe and sound manner.
Anuj Sharma, CEO, said:
"We look forward to continuing to work with Mendoza province in realising the full potential of the unconventional resources in the province in a safe and responsible manner. This work will provide the platform for further investments, creation of jobs and additional economic activities in the province."
Ends
For further information, please contact:
Phoenix Global Resources plc | Anuj Sharma, CEO Philip Wolfe, CFO | T: +54 11 5258 7500 T: +44 20 3912 2805 |
Stockdale Securities |
Antonio Bossi Ed Thomas |
T: +44 20 7601 6100 |
Panmure Gordon |
Adam James Atholl Tweedie |
T: +44 20 7886 2500 |
Camarco |
Billy Clegg Owen Roberts James Crothers |
T: +44 20 3757 4980 |
About Phoenix
Phoenix Global Resources plc (AIM: PGR; BCBA: PGR) is an upstream oil and gas company offering its investors an opportunity to invest directly into Argentina's Vaca Muerta shale formation and other unconventional resources. The Vaca Muerta is the only producing shale outside of the US and has attracted significant major entrants including Total, BP, Chevron, ExxonMobil, Qatar Petroleum, Petronas, Shell and Equinor. The Company has 560,000 net Vaca Muerta acres covering approximately 7.5% of the formation, with three core Vaca Muerta areas (Puesto Rojas, Mata Mora and Corralera). The Company's unconventional acreage is underpinned by 57.2 MMboe conventional proven and probable reserves and 11,070 boepd of production in 2017. The Company's strategy is to invest in drilling activity in its Vaca Muerta acreage to increase resources, reserves and production and is well capitalised and of a scale to do so.
The Company's website is www.phoenixglobalresources.com
PGR.L (PGR)