Star Phoenix Group Ltd Outstanding payment update (9072U)
April 09 2021 - 1:00AM
UK Regulatory
TIDMSTA
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
WH Ireland Limited (Nominated Adviser
Star Phoenix Group Ltd and Broker)
Evgenia Bezruchko (Group Corporate James Joyce / Matthew Chan
Development Manager & Joint Company t. +44 (0)20 7220 1666
Secretary)
e. admin@starphoenixgroup.com
t. +44 (0)20 3865 8430
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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END
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