Update on LandOcean Arbitration Proceedings

RNS Number : 7695W

Star Phoenix Group Ltd

22 August 2022

 

22 August 2022

Star Phoenix Group Ltd

("Star Phoenix" or the "Company")

UPDATE ON ARBITRATION PROCEEDINGS AGAINST LANDOCEAN

- STAGE 1 CLAIMS AWARDED  

Star Phoenix (AIM: STA), an international company with an oilfield services business in Trinidad and an oil and gas interest in Indonesia, is pleased to update that, further to the Company's announcement on 27 May 2022, the London Court of International Arbitration ("LCIA") issued a consent award on 12 August 2022 (of which the Company was notified on 19 August 2022) in relation to two of the four Stage 1 Claims. Under the consent award, LandOcean is required to make payment of US$301,265 to Star Phoenix by 16 September 2022, being 35 days from the date of the consent award.

The issuing of the consent award makes a successful conclusion of two of the four Stage 1 Claims. The Company will provide further updates on the remaining Stage 1 Claims in due course.

This announcement has been approved by Chairman Lubing Liu on behalf of the Company.

Contact Details
Star Phoenix Group Ltd Robin Luo (Company Secretary) e.   [e-mail] t.   [phone]	WH Ireland Limited (Nominated Adviser and Broker) James Joyce / Ben Good t.   [phone]

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

 

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