Outstanding payment update

RNS Number : 5273N

Star Phoenix Group Ltd

20 May 2020

 

Star Phoenix Group Ltd

("Star Phoenix" or "the Company")

20 May 2020

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN. 

OUTSTANDING PAYMENT UPDATE

Star Phoenix (AIM: STA), an international company with an oilfield services business in Trinidad and an oil and gas interest in Indonesia, advises that it has received an additional partial payment of US$141,000 from LandOcean Energy Services Co., Ltd. ("LandOcean") pursuant to the sale of Range Resources Trinidad Limited.  The remaining cash consideration of US$446,000 (which includes an interest rate of 8% per annum) is now expected to be received no later than 30 May 2020. 

In addition, LandOcean will provide a cash payment of US$710,000 to the Company by no later than 30 May 2020 in settlement of the outstanding payable due from Range Resources Trinidad Limited to Range Resources Drilling Services Limited ("RRDSL") for the services provided by RRDSL from 31 March 2010 to 30 May 2020.

This announcement has been approved by Chairman Kerry Gu on behalf of the Company.

Contact Details
Star Phoenix Group Ltd Evgenia Bezruchko (Group Corporate Development Manager & Joint Company Secretary) e. [e-mail] t.   [phone]	Cantor Fitzgerald Europe (Nominated Adviser and Broker) David Porter / Rick Thompson (Corporate Finance) t.   [phone]

 

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