Phoenix Global Resources was created by the combination of Andes Energia Plc and Petrolera El Trébol S.A. (“PETSA”), the operating company for the oil and gas exploration and production business of Mercuria Energy Group Limited in Argentina.
Andes Energia joined AIM in September 2007 when Ragusa Capital plc acquired certain utility and oil and gas exploration assets in South America, including Integra Oil and Andes Oil. In July 2012, the utility assets within Andes Energia were demerged into a separate company called Andina, making Andes Energia a pure play oil and gas exploration company in Argentina, Paraguay, and Brazil. In January 2015, Andes acquired a 51% stake in Interoil which had assets in Colombia.
As part of the merger between Andes and PETSA, shares of the entity holding Interoil will be hived out.
With over 10 million licensed gross acres in Argentina, of which over 5 million are operated by the company, 61.7 million boe net working interest 2P reserves and production of over 11,300 net working interest boepd on average in 2016, the combination of Andes Energia and PETSA created a company with the scale to realise Argentine potential using a balanced portfolio of existing production and near-term production growth potential.