Star Phoenix Group Ltd

("Star Phoenix" or the "Company")

07 September 2021

CORPORATE UPDATE

 
Star Phoenix, an AIM listed company (AIM: STA) focused on growth through attractive opportunities, announces that the Board of Directors has approved delaying all directors' salaries and payments from 1 September 2021 subject to further review at the beginning of 2022 in accordance with the cash position of the Company at that particular time.

This has been taken as a cash conservation measure to preserve the Company's cash reserves whilst it seeks the collection of the monies owed to it by LandOcean, as updated in the Company's announcement of 14 July 2021.

The Company's current cash resources are approximately US $1.4m. Absent any further monies from its case against LandOcean or the sale of any of its assets, the Company has sufficient cash resources until at least the end of Q1 2022 when the Tribunal makes a final award.

Star Phoenix is seeking new hydrogen projects and divestment of rig and equipment assets in Trinidad. The Company has achieved the following developments since the previous update:

1.   Four offers of purchases of two production / workover rigs and other oilfield equipment have been received recently. The Board of Directors will undertake a review of those offers and will then decide how best to proceed.

2.   A lease agreement for the equipment, including two fully equipped mud circulating tanks and one MCC unit equipped with two 250KVA generators, has already been executed at a rental fee of USD 570 per calendar day.

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.