(Sharecast News) - Oil, gas and oilfield services company Star Phoenix has agreed to provide an extension to LandOcean Energy Services to provide the remaining cash consideration of $0.46m, including an interest rate of 8% per annum, it announced on Monday.
The AIM-traded firm said the agreement was related to the sale of Range Resources Trinidad, with the extension running to 8 June.
"In addition, LandOcean will provide a cash payment of $0.81m to the company by no later than 8 June in settlement of the outstanding payable due from Range Resources Trinidad to Range Resources Drilling Services, for the services provided from 31 March to 8 June," the board said in its statement.
At 0905 BST, shares in Star Phoenix Group were down 8.28% at 2.66p.
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