REG - Star Phoenix Group - Update on LandOcean Arbitration Proceedings

Star PhoenixAnnouncement

22/08/2022 10:15

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RNS Number : 7695W  Star Phoenix Group Ltd  22 August 2022

22 August 2022

 

Star Phoenix Group Ltd

("Star Phoenix" or the "Company")

 

UPDATE ON ARBITRATION PROCEEDINGS AGAINST LANDOCEAN

- STAGE 1 CLAIMS AWARDED

 

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
update that, further to the Company's announcement on 27 May 2022, the London
Court of International Arbitration ("LCIA") issued a consent award on 12
August 2022 (of which the Company was notified on 19 August 2022) in relation
to two of the four Stage 1 Claims. Under the consent award, LandOcean is
required to make payment of US$301,265 to Star Phoenix by 16 September 2022,
being 35 days from the date of the consent award.

The issuing of the consent award makes a successful conclusion of two of the
four Stage 1 Claims. The Company will provide further updates on the remaining
Stage 1 Claims in due course.

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 / Ben Good

 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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