REG - Star Phoenix Group - Arbitration Proceedings Against LandOcean

Star PhoenixAnnouncement

27/03/2023 16:30

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RNS Number : 3582U  Star Phoenix Group Ltd  27 March 2023

27 March 2023

 

Star Phoenix Group Ltd

("Star Phoenix" or the "Company")

 

Update on Arbitration Proceedings Against LandOcean

 

As most recently announced in its annual results announcement of 21 February
2023, Star Phoenix (AIM: STA), an international company with an oilfield
services business in Trinidad and an oil and gas interest in Indonesia, is
claiming various sums from LandOcean currently estimated in excess of US$8.4
million in the London Court of International Arbitration (LCIA).

The Company is pleased to announce that it has successfully defended a renewed
application for security for costs filed by LandOcean, in which LCIA today
dismissed the application and the Company is entitled to its reasonable costs
with respect to the Renewed Application for Security, which are yet to be
submitted to LCIA.

Company will provide a further update to the shareholders upon further
material developments. This announcement has been approved by Chairman Lubing
Liu on behalf of the Company.

 

 Contact Details

                                                                      WH Ireland Limited (Nominated Adviser and Broker)

 Star Phoenix Group Ltd                                               James Joyce / Enzo Aliaj

 Robin Luo (Company Secretary)                                        t.   +44 (0)20 7220 1666

 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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