18 Oct 2022 10:54
18 October 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 was required to make payment of US$301,265 to Star Phoenix by 16 September 2022.
Further to the Company's announcement of 21 September 2022, at which point no payment had been received, it confirms that a partial payment of US$130,000 has been received. This represents positive progress with an established channel of payment now being open. The Company also confirms that the Tribunal has directed that all claims and counterclaims must be heard at the same time, with the final hearing in Q4 2023. The Company is monitoring the situation closely and will provide further updates as appropriate in due course, in addition to the remaining Stage 1 Claims.
This announcement has been approved by Chairman Lubing Liu on behalf of the Company.
Contact Details
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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.