2nd Apr 2020 18:20
(Alliance News) - Oil and gas company Star Phoenix Group Ltd on Thursday reported the sale completion of Range Resources Trinidad Ltd to LandOcean Energy Services Co Ltd.
Following completion, all of the company's debt and payables to LandOcean have been offset and repaid, and all debt agreements with LandOcean have been terminated.
Star Phoenix, after sale of Range Resources Trinidad, owns oilfield services in Trinidad with 12 onshore land rigs valued at USD21.8 million, as well as an interest in the oil and gas project in Indonesia.
The company continues to evaluate new strategic business opportunities and to review options with regards to its rigs business and its Indonesia interest.
Star Phoenix has nil debt and unrestricted cash of USD2.9 million.
Shares in the company closed at 2.55 pence each, up 70%, on Thursday.
By Tapan Panchal; [email protected]
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