Issue of shares to management

Star Phoenix Group Ltd

("Star Phoenix" or "the Company")

2 February 2021

ISSUE OF SHARES TO MANAGEMENT

Star Phoenix (AIM: STA), an international company with an oilfield services business in Trinidad and an oil and gas interest in Indonesia, confirms that further to its announcement on 2 November 2020, it has today issued an additional 420,040 ordinary shares of the Company to management in lieu of the accrued salaries in order to preserve cash resources of the Company during the current economic environment created by the impact of COVID-19 pandemic. This is the last tranche of shares being issued under agreement with directors and managers announced on 2 November 2020.

Application will be made for the admission to trading on AIM ("Admission") for the 420,040 shares. The shares will rank pari passu in all respects with the existing ordinary shares of the Company. Admission is expected at 8.00 a.m. on or around 8 February 2021.

Total Voting Rights

Following Admission, the Company's issued share capital will comprise 150,876,970 ordinary shares with one voting right each. As the Company does not hold any shares in treasury, the total number of voting rights in the Company is also 150,876,970 and this figure of ordinary shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.