29th Apr 2021 11:50
Star Phoenix Group Ltd - exploration and production company with operations in Trinidad and Indonesia - Says advanced discussions underway in relation to "elected number of investment and joint venture opportunities" which remains company's key focus "to provide future growth and value for the company and its shareholders". Has spoken to an independent specialist broker to help with the sale of its rig business comprising of eight rigs and the associated equipment in Trinidad. Says to generate additional revenue stream for the company whilst the sale process is ongoing, the company has been working to secure lease agreements for its rigs and equipment.
With regards to the company's litigation proceedings, it has started preparation for arbitration proceedings against LandOcean Energy Services Co Ltd in the London Court of International Arbitration to recover the estimated sum of USD10 million. In Georgia, the company continues to work with their legal advisers on progressing an arbitration claim against the government of Georgia "as soon as practicable".
Current stock price: 1.80 pence, up 16% on Thursday
Year-to-date change: up 21%
By Greg Roxburgh; [email protected]
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