REG - Star Phoenix Group - Update on Reporting Timetable & Trading Update

Star PhoenixAnnouncement

30/03/2022 12:00

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RNS Number : 6079G  Star Phoenix Group Ltd  30 March 2022

Star Phoenix Group Ltd

("Star Phoenix" or the "Company")

 

30 March 2022

UPDATE ON REPORTING TIMETABLE

TRADING UPDATE

 

 

Star Phoenix (AIM: STA), an international company with an oilfield services
business in Trinidad and an oil and gas interest in Indonesia advises that
publication of its interim financial results for the six months ended 31
December 2021 ("Interim Period") has been delayed due to the impact of the
COVID-19 pandemic. The Company has been granted an extension to the
publication date and accordingly the Company now intends to publish its
interim results by 30 April 2022.

Trading Update

The Company also provides the following trading update: Star Phoenix continues
to focus on securing new opportunities to provide future growth and value for
the Company and its shareholders (including investment and joint venture
opportunities). Further updates will be provided in due course as appropriate.

During the Interim Period, Star Phoenix incurred an unaudited loss of
approximately US$0.52m (December 2020: unaudited loss of US$2.25m) being circa
0.004 US cents per share (basic, unaudited and from continuing operations)
during the Interim Period compared to a loss of approximately 0.02 US cents
per share for the six months ended December 2020. This was driven largely by
the disruption caused by the COVID-19 pandemic, minimal incomes from rig sales
and lower demand for drilling services in Trinidad. The unaudited value of net
assets at the end of the Interim Period was approximately US$519,000 (prior to
any impairments) (December 2020: US$274,770).

As at 31 December 2021, the Company's total cash balance was approximately
US$1.52 million (unaudited), down circa 20.59% from 30 June 2021 (December
2020: US$2.732m), mainly reflecting spend on advisory fees linked to resolving
the legal matters detailed below and ongoing operational costs.

Range Resources Drilling Services Limited ("RRDSL"), a 100% owned subsidiary
of Star Phoenix, sold production rigs for a total gain of approximately
US$241,000 (unaudited) in the Interim Period. RRDSL continues the sale process
of the remaining drilling and production rigs, and further updates will be
provided in due course.

As detailed in the Company's announcement on 7 September 2021, Star Phoenix
continues to pursue the monies owed to it by LandOcean Energy Service Co.
Limited. A court trial is scheduled by the London Court of International
Arbitration in Q2 2022. At this point in time, the Directors remain confident
that the Stage 1 claims will be recovered in this financial year, however
there can be no guarantee that will be achieved. The cash preservation
measures previously stated (see announcement dated 14 July 2021) remain in
place while this process is ongoing.

Further to the Company's announcement dated 15 January 2021, negotiations with
parties for securing funds to commence the Georgia litigation process are
still in progress. However, progress in respect of the arbitration claim is
taking longer than originally anticipated due to the disruption resulting from
the COVID-19 pandemic. The Company continues to be advised by Enyo Law LLP in
relation to this process.

Finally, Star Phoenix executed a non-binding agreement in relation to the
exploration of a new hydrogen opportunity in Western Australia with Curtin
University (see announcement of 13 July 2021). This collaboration is still at
an early stage. Further updates will be provided in due course as required.

The financial results are still subject to auditor review.

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

 

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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