21 September 2022
Star Phoenix Group Ltd
("Star Phoenix" or the "Company")
Update on Arbitration Proceedings Against LandOcean
Star Phoenix (AIM: STA), an international company with an oilfield services business in Trinidad and an oil and gas interest in Indonesia, announced on 22 August 2022 that the London Court of International Arbitration ("LCIA") issued a consent award on 12 August 2022 in relation to two of the four Stage 1 Claims in which LandOcean is required to make payment of US$301,265 to Star Phoenix by 16 September 2022.
The Company confirms that no payment has yet been received. LandOcean has indicated that the Chinese State Administration of Foreign Exchange has, as yet, not permitted the payment to be made. The Company is monitoring the situation closely and will provide further updates as appropriate, in addition to the remaining Stage 1 Claims, in due course.
This announcement has been approved by Chairman Lubing Liu on behalf of the Company.
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Contact Details
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Star Phoenix Group Ltd Robin Luo (Company Secretary) t. +61 8 6205 3012 | WH Ireland Limited (Nominated Adviser and Broker) James Joyce / Ben Good t. +44 (0)20 7220 1666 |
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