Star Phoenix Group Ltd

("Star Phoenix" or "the Company")

10 December 2019

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.

DRILLING RIGS SALE UPDATE

Star Phoenix, an international company with oil and gas projects and oilfield service businesses in Trinidad and Indonesia, advises that further to the Company's announcement on 25 November 2019 regarding the sale of four drilling rigs and related equipment, the Company has not yet received any cash consideration and is discussing with the buyer a further extension to the closing date. The Company will provide further updates as and when appropriate.