RRTL sale update

Star Phoenix Group Ltd

("Star Phoenix" or "the Company")

17 February 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.

RRTL SALE UPDATE

Star Phoenix (AIM: STA), an international company with oil and gas projects and oilfield service businesses in Trinidad and Indonesia, advises that it has signed an agreement with LandOcean Energy Services Co., Ltd ("LandOcean") in relation to the US$1 million cash consideration (the "Payment") by LandOcean, pursuant to the sale of Range Resources Trinidad Limited. The parties have agreed an extension to the Payment on a rolling basis, subject to late fees of 8% interest per annum, calculated daily from 12 February 2020 until the date the Payment (and any accrued interest) is received by the Company.