9th Apr 2021 10:30
(Alliance News) - Star Phoenix Group Ltd on Friday said it has engaged new legal advisors to assist with an outstanding payment from LandOcean Energy Services Co Ltd and its affiliates.
The exploration and production company with operations in Trinidad and Indonesia said it is claiming various sums in excess of USD10.2 million. The original deadline for the payment was June 8, 2020.
Shares in Star Phoenix were down 7.6% at 1.52 pence in London on Friday.
It also intends to terminate the sale and purchase agreement between it and LandOcean for Range Resources Trinidad Ltd due to a "repudiatory breach", as all previous attempts "to resolve the matter and recover the outstanding sums were unsuccessful."
Star Phoenix said unless LandOcean expresses willingness to make the outstanding payment by April 12, it will commence arbitration proceedings in the London Court of International Arbitration without any further notice or warning.
By Zoe Wickens; [email protected]
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