(Alliance News) - Argentina focused oil & gas explorer Phoenix Global Resources PLC on Friday said it has secured a USD10 million increase to its existing convertible revolving credit facility with Mercuria Energy Netherlands BV, part of the Mercuria Group.
The company's loan facility now amounts to USD285 million and the additional USD10 million funds will be used to support Phoenix Global's business plan for 2019. Terms of the additional USD10 million portion of the loan are consistent with the existing facility.
The company also said that it remains in talks with Mercuria regarding the funding of its 2020 business plan.
Phoenix Global shares were trading 0.9% lower at 17.00 pence each in London on Friday afternoon.
By Tapan Panchal; tapanpanchal@alliancenews.com
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