Star Phoenix Group Ltd Update on LandOcean Arbitration Proceedings (2013A)
September 21 2022 - 11:29AM
UK Regulatory
TIDMSTA
RNS Number : 2013A
Star Phoenix Group Ltd
21 September 2022
21 September 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 is required to make payment of US$301,265 to Star Phoenix
by 16 September 2022.
The Company confirms that no payment has yet been received.
LandOcean has indicated that the Chinese State Administration of
Foreign Exchange has, as yet, not permitted the payment to be made.
The Company is monitoring the situation closely and will provide
further updates as appropriate, in addition to the remaining Stage
1 Claims, in due course.
This announcement has been approved by Chairman Lubing Liu on
behalf of the Company.
Contact Details
WH Ireland Limited (Nominated
Star Phoenix Group Ltd Adviser and Broker)
Robin Luo (Company Secretary) James Joyce / Ben Good
e. admin@starphoenixgroup.com t. +44 (0)20 7220 1666
t. +61 8 6205 3012
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END
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