Outstanding payment update

RNS Number : 9072U

Star Phoenix Group Ltd

09 April 2021

 

Star Phoenix Group Ltd

("Star Phoenix" or "the Company")

9 April 2021

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, provides the following update in relation to the outstanding payable due to the Company and its subsidiaries (the "Company Group") from LandOcean Energy Services Co., Ltd and its affiliates ("LandOcean").

As previously advised, substantial sums remain due and payable to the Company Group from LandOcean pursuant to the sale and purchase agreement of Range Resources Trinidad Limited (the "SPA"). All previous attempts by the Company to resolve the matter and recover the outstanding sums were unsuccessful.

The Company Group has engaged new legal advisers (the "Advisers") to assist with this matter. The Advisers have now notified LandOcean that the Company Group has elected to terminate the SPA due to repudiatory breach by LandOcean, and is claiming various sums in excess of US$10.2 million.

Unless LandOcean express their willingness to pay these sums by 12 April 2021, or alternatively meet with the Company Group, the Advisers are instructed to commence arbitration proceedings in the London Court of International Arbitration without any further notice or warning.

The Company will provide a further update to the shareholders upon further material developments.

Contact Details
Star Phoenix Group Ltd Evgenia Bezruchko (Group Corporate Development Manager & Joint Company Secretary) e. [e-mail] t.   [phone]	WH Ireland Limited (Nominated Adviser and Broker) James Joyce / Matthew Chan t.   [phone]

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

 

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