Star Phoenix terminates deal with LandOcean, issues final payment warning

(Sharecast News) - Oil, gas and oilfield services company Star Phoenix updated the market on the outstanding payment due to it and its subsidiaries from LandOcean Energy Services and its affiliates on Friday.
The AIM-traded firm had previously said "substantial sums" remained due and payable from LandOcean, under the sale and purchase agreement of Range Resources Trinidad.

It said on Friday that all previous attempts to resolve the matter and recover the outstanding sums had been unsuccessful.

The group had now engaged new legal advisers, which had notified LandOcean that the company had chosen to terminate the sale and purchase agreement due to "repudiatory breach" by LandOcean.

It was also claiming various sums of more than $10.2m.

"Unless LandOcean expresses their willingness to pay these sums by 12 April, or alternatively meet with the company group, the advisers are instructed to commence arbitration proceedings in the London Court of International Arbitration without any further notice or warning," the board said in its statement.

"The company will provide a further update to the shareholders upon further material developments."

At 0919 BST, shares in Star Phoenix Group were up 6.06% at 1.75p.