Arbitration commences against LandOcean

Star Phoenix

14/07/2021 07:00

RNS Number : 1434F

Star Phoenix Group Ltd

14 July 2021

 

Star Phoenix Group Ltd

("Star Phoenix" or "the Company")

 

14 July 2021

 

ARBITRATION COMMENCES AGAINST LANDOCEAN

Star Phoenix, an AIM listed company (AIM: STA) focused on growth through attractive opportunities provides the following update in relation to the outstanding monies due to the Company and its subsidiaries (the " Group") from LandOcean Energy Services Co., Ltd and its affiliates ("LandOcean").

Further to the announcement of 4 June 2021, the Company is pleased to advise that its legal advisers Dentons UK and Middle East LLP have now filed an arbitration request in the London Court of International Arbitration (the "Request"), which officially marks commencement of arbitration proceedings against LandOcean.

Pursuant to the Request, the Group is claiming various sums from LandOcean currently estimated in excess of US$8.4 million. There are additional claims of US$1.8 million that fall outside of the Request, and the Company is exploring options of bringing these claims separately in the courts of Trinidad and Tobago. These sums are owed to the Group by LandOcean pursuant to the sale and purchase agreement of Range Resources Trinidad Limited (further details are set out in the announcement of 9 April 2021).

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

 

 

Contact Details
Star Phoenix Group Ltd
Evgenia Bezruchko (Group Corporate Development Manager & Joint Company Secretary)
e. admin@starphoenixgroup.com
t. +44 (0)20 3865 8430
WH Ireland Limited (Nominated Adviser and Broker)
James Joyce / Matthew Chan
t. +44 (0)20 7220 1666

 

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.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

 
  END

 

 
MSCZZGMNMFFGMZZ