Star Phoenix Group Ltd

("Star Phoenix" or "the Company")

11 February 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 RRTL SALE 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 has yet to receive the proceeds from the subscription and has now been advised by the investor that the proceeds should be received by the Company by no later than 28 February 2020. Such proceeds will be subject to a late fee payment as announced on 30 January 2020. On receipt of the subscription proceeds an application will be made to admit the subscription shares to trading on AIM. The Company will provide an update as and when appropriate. 

Following the Company's announcement on 6 February 2020, the Company is seeking clarification from LandOcean Energy Services Co., Ltd ("LandOcean") on timing for receipt of the US$1 million cash consideration by LandOcean pursuant to the sale of Range Resources Trinidad Limited. The Company will provide an update as and when appropriate.