Star Phoenix Group Ltd

("Star Phoenix" or "the Company")

11 December 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. 

RESULT OF ANNUAL GENERAL MEETING

The Board of Star Phoenix (AIM: STA), an international company with an oilfield services business in Trinidad and an oil and gas interest in Indonesia, announces that at its Annual General Meeting held in Australia earlier today results of the votes were as follows:

Resolution 1: Re-election of Director - Mr Zhiwei Gu - carried;

Resolution 2: Election of Director - Dr YuFeng Meng - lost;

Resolution 3: Issue of Shares to a related party in lieu of fees to Mr Lubing Liu - carried; and

Resolution 4: Issue of Shares to a related party in lieu of fees to Mr Zhiwei Gu - carried.

Based on the results of the shareholders' votes, Dr YuFeng Meng, a nominee of shareholder Beijing Sibo Investment Management LP will cease to be a Director of the Company with immediate effect. The Company will also proceed with the issue of shares to Executive Directors Mr Liu and Mr Gu in lieu of the accrued salaries, in order to preserve cash resources of the Company and to further align the interests of the Directors with the interests of shareholders. The shares to Directors will be issued on 4 January 2021. Full details relating to the issue of shares to Directors are available in the Notice of Meeting published on 13 November 2020. The Company will make a further announcement once the shares have been issued.

Disclosure of Proxy Votes:

A vote "abstain" is not counted in the calculation of the percentage of shares voted "For" or "Against".

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