30th Apr 2021 11:50
(Alliance News) - Star Phoenix Group Ltd on Friday said it has reduced its pretax loss for 2020 after cutting costs.
The exploration and production company with operations in Trinidad and Indonesia said pretax losses for 2020 had narrowed to USD2.7 million from USD8.2 million the prior year.
The AIM-traded firm also said that no revenue was posted in 2020, after USD31,579 in 2019.
In the year Star Phoenix said it had taken steps to cut the costs of its oilfield services business in Trinidad, and completed the sale of four production rigs and equipment for a total of USD278,965, to help bolster cash.
Star Phoenix is currently preparing for arbitration against LandOcean, claiming various sums totalling USD10.2 million. It said work also continued on an arbitration claim against the government of Georgia, with an investment dispute exceeding USD22 million.
No dividend would be paid for the year, the group stated.
Shares in Star Phoenix were down 0.5% at 1.69 pence in London on Friday.
By Will Paige; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
STA.L