Star Phoenix Group Ltd Update on LandOcean Arbitration Proceedings (2719D)
October 18 2022 - 5:54AM
UK Regulatory
TIDMSTA
RNS Number : 2719D
Star Phoenix Group Ltd
18 October 2022
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
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
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
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END
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