Phoenix Global Resources plc announced the initial crude oil production from its first horizontal muti-fractured wells at the Mata Mora concession in the Neuquén province. During the month of July 2019, a total of 34,273 barrels of Mata Mora light crude with API gravity of 36 degrees representing the initial test volumes was produced from the two Mata Mora lateral wells. Both Mata Mora wells were drilled earlier in the year and were unconventionally completed in the La Cocina horizon of the Vaca Muerta formation in June 2019. The wells were drilled from a single pad at a spacing of approximately 250 metres, with each well having a lateral section of more than 2,000 metres. The wells were successfully geo-steered with more than 90% of each lateral maintained within a seven metre window in the Vaca Muerta formation. The wells were simultaneously completed using the latest high-intensity zipper-fracturing design that was specifically selected based on learnings from Vaca Muerta lateral wells drilled by other operators in nearby offset locations. In testing to date, each Mata Mora well has seen production rates of approximately 1,000 boepd with reservoir pressure in excess of 9,900 psi. Crude production from both wells continues to ramp up as oil displaces water during the ongoing flowback process. These two wells satisfy the Company's initial licence commitment for the concession. The company is in the process of evaluating the results of the wells as flowback continues as part of an extended well test and expects to be able to announce the results in fourth quarter of 2019. At the conclusion of testing, the Company will apply to Neuquén province for an unconventional exploitation licence in respect of the Mata Mora block. That application will include a commitment for a pilot development programme for Mata Mora. Mata Mora is a concession area covering 55,000 acres located in the South Neuquina Basin in Argentina. The company holds a 90% operated working interest in the concession with the remaining 10% held by Gas y Petróleo del Neuquén, the Neuquén province-owned oil and gas company.