Mercuria Energy Group Limited (“Mercuria EG”) and Andes Energia PLC (“Andes”) today announced the creation of Phoenix Global Resources plc (“Phoenix” AIM: PGR; BCBA: PGR) from the combination with Petrolera El Trébol S.A. (“PETSA”). Phoenix, the independent exploration and production company with a balanced portfolio of assets in both Argentina and Colombia, has been admitted to trading on AIM of the London Stock Exchange.
Andes previously announced the conditional combination with Trefoil Holdings, the holding company that indirectly owns over 99.99% of PETSA. PETSA is the operating company for oil and gas exploration and production business of Mercuria EG in South America.
In addition to the creation of Phoenix, the Proposed Directors will be appointed to the Board and certain Directors will leave the Board.
Application has been made for the Enlarged Share Capital to be admitted to trading on AIM, including 1,899,106,385 Consideration Shares and 14,766,666 Share Exchanged Shares. Admission and dealings in the Enlarged Share Capital on AIM are effective and will commence as of today.
Ex Dividend Date
The ex dividend date for the Interoil Demerger will be 7 September 2017 (the “Ex Dividend Date”).
Total voting rights
Following Admission, the Company’s Enlarged Share Capital will comprise 2,519,431,566 Ordinary Shares. The Company does not hold any Ordinary Shares in treasury.
The figure of 2,519,431,566 Ordinary Shares may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules.
Sir Michael Rake, Chairman of Andes Energia, said:
“The Company has the scale, management, assets and financial resources to take advantage of the rapid changes occurring in Argentina. I look forward to chairing the Board which is committed to the highest standards of corporate governance.”
Anuj Sharma, CEO of Andes Energia, said:
“We have an active work programme across our portfolio of conventional and unconventional assets to increase production and to take forward the appraisal and development of our substantial unconventional resources including our position in the Vaca Muerta formation.”
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