Nov 16 (Reuters) - Phoenix Canada Oil Co Ltd PCO.V
* Phoenix Canada Oil Company announces new strategic direction
* Phoenix Canada Oil Co currently evaluating acquisition targets that would generate additional shareholder value through purchase of operating assets
* Phoenix Canada Oil Co says formation of a working group of board to evaluate potential operating assets and targets for acquisition
* Phoenix Canada Oil Co says board of directors has concluded that it will cease all further investments in early stage hydrogen production system Source text for Eikon: ID:nCNWwzrzVa Further company coverage: PCO.V