RCS - Star Phoenix Group - Restructuring Update

Star PhoenixAnnouncement

07/08/2023 09:15

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RNS Number : 4943I  Star Phoenix Group Ltd  07 August 2023

7 August 2023

 

Star Phoenix Group Ltd

("Star Phoenix" or the "Company")

 

Restructuring Plan - Update

 

Star Phoenix (formerly AIM: STA), an international company with an oilfield
services business in Trinidad and an oil and gas interest in Indonesia,
acknowledge the reality of cancellation of admission to trading on AIM due to
the termination of Nomad service. This unfortunate event is nothing more than
a combined consequence of delay of fund transfer due to extreme foreign
currency shortage in Trinidad, the deliberate avoidance to remit the remaining
sum of the 2 LCIA awards to the Company, and the untimely changeover of the
Company's Chinese subsidiaries.

Learned from this unfortunate event, the Company will endeavor to minimize the
impact of admission cancellation. The Company is currently studying strategies
of restructuring. Among several options, the main focuses are:

·  Establish strategic partnership with a company with cutting-edge
technology in oil recovery process to generate cash flow in short term.

·    Establish a contingent process to strengthening the Company's
financial resource.

·    Continue the remaining LCIA proceedings.

·    Contemplate transforming the Company's existing drilling business
from oilfield services to a pure player on emerging new energy, or mineral
production.

·    Restore admission to trading on AIM.

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

 

 Contact Details

 Star Phoenix Group Ltd

 e. admin@starphoenixgroup.com (mailto:admin@starphoenixgroup.com)

 t.   +61 8 6205 3012

 

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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