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Star Phoenix Group (STA)

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Wednesday 30 March, 2022

Star Phoenix Group

Update on Reporting Timetable & Trading Update

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

 

 

 

Star Phoenix Group Ltd

Lubing Liu (Company Secretary)

e. [email protected]

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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