Outstanding payment update

Star Phoenix Group Ltd

("Star Phoenix" or "the Company")

2 July 2020

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN. 

OUTSTANDING PAYMENT UPDATE

Star Phoenix (AIM: STA), an international company with an oilfield services business in Trinidad and an oil and gas interest in Indonesia, advises that it has received a further payment of US$283,000 from LandOcean Energy Services Co., Ltd. ("LandOcean") pursuant to the sale of Range Resources Trinidad Limited. The total outstanding amount that remains due to the Company from LandOcean is approximately US$1,251,611. The Company continues its discussions with LandOcean to expedite the payment of the outstanding amount and will provide an update on any further developments.

This announcement has been approved by Chairman Kerry Gu on behalf of the Company.