REG - Star Phoenix Group - UPDATE: ARBITRATION PROCEEDINGS AGAINST LANDOCEAN

Star PhoenixAnnouncement

06/05/2022 07:00

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RNS Number : 5876K  Star Phoenix Group Ltd  06 May 2022

Star Phoenix Group Ltd

("Star Phoenix" or the "Company")

 

6 May 2022

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, is pleased
to provide an update on the Stage 1 of arbitration proceedings against
LandOcean Energy Services Co., Ltd and its affiliates ("LandOcean") since
previous announcements dated 7 September 2021 and 14 July 2021 ("Stage 1
Claims"). Due to the impact of COVID-19 pandemic, the duration of Stage 1
arbitration proceedings is taking longer than originally anticipated.

Stage 1 Claims Update

1.   Filing Work

Our legal adviser, Dentons UK and Middle East LLP, has already completed
filing work in relation to the Stage 1 Claims in the London Court of
International Arbitration ("LCIA")

2.   Pre-hearing Conference

The Tribunal has listed a short pre-hearing conference on Friday 6 May 2022.
The purpose of the hearing is to discuss procedural matters ahead of the final
hearing. Our legal adviser, Dentons UK and Middle East LLP, will attend
the pre-hearing conference on behalf of the Company.

3.   Final Hearing

The Tribunal has proposed that the final hearing commences at noon 12pm London
time and that it ends by 4pm London time on Monday 30 May 2022 to accommodate
the various time zones the attendees will be calling in from. Our legal
adviser, Dentons UK and Middle East LLP, will attend the final hearing on
behalf of the Company.

The Company will announce the results of the Stage 1 Claims after the Tribunal
has issued its expected partial award following the final hearing. The Company
remains confident that it will recover around US$1.4 million of the Stage 1
Claims after the Tribunal has issued its expected partial award, with the
quantum of the remaining sums to be determined by the Tribunal during the
stage 2 arbitration proceedings.

This announcement has been approved by Chairman Kerry Gu on behalf of the
Company.

 

 Contact Details

                                  WH Ireland Limited (Nominated Adviser and Broker)

 Star Phoenix Group Ltd           James Joyce / Ben Good

 Lubing Liu (Company Secretary)   t.   +44 (0)20 7220 1666

 e. admin@starphoenixgroup.com

 t.   +61 8 6205 3012

 

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