3rd Jun 2021 20:31
Star Phoenix Group Ltd - oilfield services in Trinidad and oil and gas interest in Indonesia - Says following consultation with legal advisers, is decided that wholly owned subsidiary in Trinidad, Range Resources Drilling Services Ltd, will not be filing appeal to high court decision over damages to former employee who sustained injury whilst working for RRDSL. RRDSL has reached agreement with employment to pay total balance of GBP183,000 in 21 monthly tranches, using existing cash of Star Phoenix. As previously announced, the company was advised by RRDSL that it was not aware of the court hearing in Trinidad taking place in April and did not receive any notice. "The company is continuing its internal investigation to establish all the circumstances surrounding this matter and will take action as appropriate. The company will also make all the necessary improvements of its internal controls and policies to ensure matters of this nature do not arise in the future," Star Phoenix says.
Current stock price: 1.45 pence
Year-to-date change: down 1.7%
By Lucy Heming;Â [email protected]
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