Update on LandOcean Arbitration Proceedings

RNS Number : 2013A
Star Phoenix Group Ltd
21 September 2022
 

21 September 2022

 

Star Phoenix Group Ltd

("Star Phoenix" or the "Company")

 

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, announced on 22 August 2022 that the London Court of International Arbitration ("LCIA") issued a consent award on 12 August 2022 in relation to two of the four Stage 1 Claims in which LandOcean is required to make payment of US$301,265 to Star Phoenix by 16 September 2022.

The Company confirms that no payment has yet been received. LandOcean has indicated that the Chinese State Administration of Foreign Exchange has, as yet, not permitted the payment to be made. The Company is monitoring the situation closely and will provide further updates as appropriate, in addition to the remaining Stage 1 Claims, in due course.

This announcement has been approved by Chairman Lubing Liu on behalf of the Company.

 

 

Contact Details

 

 

 

Star Phoenix Group Ltd

Robin Luo (Company Secretary)

e.   admin@starphoenixgroup.com

t.   +61 8 6205 3012

WH Ireland Limited (Nominated Adviser and Broker)

James Joyce / Ben Good

t.   +44 (0)20 7220 1666

 

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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