Andes Energia and PETSA complete combination to become Phoenix
(ShareCast News) - Independent exploration and production company Phoenix Global Resources announced the completion of the combination with PETSA on Thursday, with the enlarged share capital admitted to trading on AIM.
The AIM-traded company had announced the proposed combination with PETSA - Petrolera El Trebol - on 24 July, along with a name change from Andes Energia to Phoenix.
PETSA was the holding company for the gas exploration and production business Mercuria Energy Group, with 99.99% of it already indirectly held by Andes Energia.
"The transaction is expected to generate operating synergies and create a leading Argentinian independent exploration and production company with significant exposure to the Vaca Muerta formation, a world class resource play," said chairman of Andes Energia at the time, Nicolas Mallo Huergo.
As part of the combination, Huergo was now a non-executive director of Phoenix Global, with Sir Michael Rake assuming the position of chairman.