Star Phoenix Group Ltd

("Star Phoenix" or "the Company")

1 June 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. 

OUTSTANDING PAYMENT UPDATE

Star Phoenix (AIM: STA), an international company with an oilfield services business in Trinidad and an oil and gas interest in Indonesia, advises that it has agreed to provide an extension to LandOcean Energy Services Co., Ltd. ("LandOcean") to provide the remaining cash consideration of US$459,970 (which includes an interest rate of 8% per annum)  pursuant to the sale of Range Resources Trinidad Limited ("RRTL") to 8 June 2020.

In addition, LandOcean will provide a cash payment of US$810,000 to the Company by no later than 8 June 2020 in settlement of the outstanding payable due from RRTL to Range Resources Drilling Services Limited ("RRDSL") for the services provided by RRDSL from 31 March 2020 to 8 June 2020.

This announcement has been approved by Chairman Kerry Gu on behalf of the Company.