Star Phoenix Group Ltd

("Star Phoenix" or "the Company")

30 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. 

SUBSCRIPTION AND TRINIDAD TAX APPEALS UPDATE

Star Phoenix (AIM: STA), an international company with oil and gas projects and oilfield service businesses in Trinidad and Indonesia, provides an update in relation to the subscription to raise approximately £520,000 announced on 20 January 2020.

The Company was advised by the investor that the proceeds from the subscription are expected to be provided to the Company by close of business on 7 February 2020. In the event that the proceeds are not received by this date, the interest shall accrue at a rate of 8% per annum, calculated daily until the date the proceeds (and any accrued interest) are received into the Company's bank account, in any event by no later than 28 February 2020. The Company will make a further announcement on receipt of proceeds, at which stage, an application to admit the subscription shares to trading on AIM will be made. 

The Company also advises that the ongoing tax appeal matters that it is involved in have been further adjourned by the court in Trinidad to a later date in 2020, with the date yet to be confirmed.