RRTL sale update

Star Phoenix Group Ltd

("Star Phoenix" or "the Company")

27 March 2020

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN. 

RRTL SALE UPDATE

Star Phoenix (AIM: STA), an international company with oil and gas projects and oilfield service businesses in Trinidad and Indonesia, is pleased to advise that it has received a further cash payment of US$508,000 (which includes late fee payment) from LandOcean Energy Services Co., Ltd ("LandOcean"), pursuant to the sale of Range Resources Trinidad Limited ("RRTL"). To date, the Company received the total of US$1,508,000 from LandOcean pursuant to the RRTL sale, with US$1,000,000 remaining to be paid.