Arbitration Proceedings Against LandOcean

RNS Number : 3582U

Star Phoenix Group Ltd

27 March 2023

 

27 March 2023

Star Phoenix Group Ltd

("Star Phoenix" or the "Company")

Update on Arbitration Proceedings Against LandOcean

As most recently announced in its annual results announcement of 21 February 2023, Star Phoenix (AIM: STA), an international company with an oilfield services business in Trinidad and an oil and gas interest in Indonesia, is claiming various sums from LandOcean currently estimated in excess of US$8.4 million in the London Court of International Arbitration (LCIA).

The Company is pleased to announce that it has successfully defended a renewed application for security for costs filed by LandOcean, in which LCIA today dismissed the application and the Company is entitled to its reasonable costs with respect to the Renewed Application for Security, which are yet to be submitted to LCIA.

Company will provide a further update to the shareholders upon further material developments. 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 / Enzo Aliaj 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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