Star Phoenix Group Ltd Debt restructure and licence extension update (1382A)
January 17 2020 - 2:00AM
UK Regulatory
TIDMSTA
RNS Number : 1382A
Star Phoenix Group Ltd
17 January 2020
Star Phoenix Group Ltd
("Star Phoenix" or "the Company")
17 January 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.
DEBT RESTRUCTURE AND LICENCE EXTENSION 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 required
approvals from Heritage Petroleum Company Limited ("Heritage"), the
state oil and gas company of Trinidad and Tobago for the sale of
Range Resources Trinidad Limited ("RRTL") to LandOcean Energy
Services Co., Ltd. ("LandOcean") (the "Transaction"). The
Transaction will be subject to a transaction fee payable to
Heritage in accordance with change of control clause of the Morne
Diablo and South Quarry Farm Out Agreements. The transaction fee
will be no more than 20% of the cash value of the transaction
attributable to the Morne Diablo and South Quarry licences. The
exact amount will be agreed with Heritage in due course.
The Ministry of Energy and Energy Industries of Trinidad and
Tobago (the "MEEI") has also confirmed to the Company that no
approvals will be required from the MEEI for the sale of RRTL.
Completion of the Transaction remains subject to approval by
LandOcean shareholders at a General Meeting of LandOcean (the
"GM"). LandOcean has advised the Company that it is planning to
hold the GM on 20 January 2020.
As previously notified, on completion of the Transaction, all
outstanding debt from Star Phoenix and its subsidiaries to
LandOcean and its subsidiaries (including the US$20 million
convertible note) will be fully repaid by offsetting against the
consideration and all underlying debt agreements will be
terminated. Further details on the Transaction can be found in the
Company's announcement on 3 September 2019.
The Company is also pleased to announce that Heritage has
granted an extension to the Beach Marcelle Incremental Production
Services Contract (the "IPSC"). The IPSC has been extended from 31
January 2020 to 31 March 2020. The Company has submitted a formal
request to Heritage for a 10-year extension of the IPSC, and
expects to receive a confirmation from Heritage before 31 March
2020.
Contact Details
Cantor Fitzgerald Europe (Nominated
Star Phoenix Group Ltd Adviser and Broker)
Evgenia Bezruchko (Group Corporate David Porter / Rick Thompson (Corporate
Development Manager & Joint Company Finance)
Secretary) t. +44 (0)20 7894 7000
e. admin@starphoenixgroup.com
t. +44 (0)20 3865 8430
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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