4th Jun 2021 12:17
(Alliance News) - Star Phoenix Group Ltd on Friday noted that Dentons UK and Middle East LLP will pursue an outstanding payment of around USD10.2 million from LandOcean Energy Services Co on a no-win-no-fee basis.
The London-based oil and gas business said the agreement with Dentons was "extremely encouraging and favourable" for its prospect of collecting payment from LandOcean.
The company noted in April that a sum in excess of USD10.2 million was outstanding following the sale of Range Resources Trinidad Limited to LandOcean at the end of March 2020.
In April, Star Phoenix also announced that it was engaging new legal advisors to seek the unpaid sums. On Friday, Dentons was due to file arbitration proceedings against LandOcean in the London Court of International Arbitration.
Star Phoenix shares were trading up 6.9% at 1.55 pence each in London on Friday.
By Scarlett Butler; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
STA.L