Arbitration commences against LandOcean

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. [e-mail] t.   [phone]	WH Ireland Limited (Nominated Adviser and Broker) James Joyce / Matthew Chan t.   [phone]

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.

 

END

 

 

MSCZZGMNMFFGMZZ