Star Phoenix Group Ltd

("Star Phoenix" or "the Company")

9 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 not received the outstanding payment from LandOcean Energy Services Co., Ltd. ("LandOcean"), pursuant to the sale of Range Resources Trinidad Limited ("RRTL") by the agreed deadline of 8 June 2020. The total outstanding amount is US$1,534,611.

The Company has made numerous attempts to finalise payment due from LandOcean including several extensions to the payment deadline. The Company is working with its legal advisers to seek resolution on this matter and will provide an update upon further developments.

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