Star Phoenix Group Ltd Update on Reporting Timetable & Trading Update (6079G)
March 30 2022 - 6:51AM
UK Regulatory
TIDMSTA
RNS Number : 6079G
Star Phoenix Group Ltd
30 March 2022
Star Phoenix Group Ltd
("Star Phoenix" or the "Company")
30 March 2022
UPDATE ON REPORTING TIMETABLE
TRADING UPDATE
Star Phoenix (AIM: STA), an international company with an
oilfield services business in Trinidad and an oil and gas interest
in Indonesia advises that publication of its interim financial
results for the six months ended 31 December 2021 ("Interim
Period") has been delayed due to the impact of the COVID-19
pandemic. The Company has been granted an extension to the
publication date and accordingly the Company now intends to publish
its interim results by 30 April 2022.
Trading Update
The Company also provides the following trading update: Star
Phoenix continues to focus on securing new opportunities to provide
future growth and value for the Company and its shareholders
(including investment and joint venture opportunities). Further
updates will be provided in due course as appropriate.
During the Interim Period, Star Phoenix incurred an unaudited
loss of approximately US$0.52m (December 2020: unaudited loss of
US$2.25m) being circa 0.004 US cents per share (basic, unaudited
and from continuing operations) during the Interim Period compared
to a loss of approximately 0.02 US cents per share for the six
months ended December 2020. This was driven largely by the
disruption caused by the COVID-19 pandemic, minimal incomes from
rig sales and lower demand for drilling services in Trinidad. The
unaudited value of net assets at the end of the Interim Period was
approximately US$519,000 (prior to any impairments) (December 2020:
US$274,770).
As at 31 December 2021, the Company's total cash balance was
approximately US$1.52 million (unaudited), down circa 20.59% from
30 June 2021 (December 2020: US$2.732m), mainly reflecting spend on
advisory fees linked to resolving the legal matters detailed below
and ongoing operational costs.
Range Resources Drilling Services Limited ("RRDSL"), a 100%
owned subsidiary of Star Phoenix, sold production rigs for a total
gain of approximately US$241,000 (unaudited) in the Interim Period.
RRDSL continues the sale process of the remaining drilling and
production rigs, and further updates will be provided in due
course.
As detailed in the Company's announcement on 7 September 2021,
Star Phoenix continues to pursue the monies owed to it by LandOcean
Energy Service Co. Limited. A court trial is scheduled by the
London Court of International Arbitration in Q2 2022. At this point
in time, the Directors remain confident that the Stage 1 claims
will be recovered in this financial year, however there can be no
guarantee that will be achieved. The cash preservation measures
previously stated (see announcement dated 14 July 2021) remain in
place while this process is ongoing.
Further to the Company's announcement dated 15 January 2021,
negotiations with parties for securing funds to commence the
Georgia litigation process are still in progress. However, progress
in respect of the arbitration claim is taking longer than
originally anticipated due to the disruption resulting from the
COVID-19 pandemic. The Company continues to be advised by Enyo Law
LLP in relation to this process.
Finally, Star Phoenix executed a non-binding agreement in
relation to the exploration of a new hydrogen opportunity in
Western Australia with Curtin University (see announcement of 13
July 2021). This collaboration is still at an early stage. Further
updates will be provided in due course as required.
The financial results are still subject to auditor review.
This announcement has been approved by Chairman Kerry Gu on
behalf of the Company.
Contact Details
WH Ireland Limited (Nominated Adviser
Star Phoenix Group Ltd and Broker)
Lubing Liu (Company Secretary) James Joyce / Ben Good
e. admin@starphoenixgroup.com t. +44 (0)20 7220 1666
t. +61 8 6205 3012
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.
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