RRTL sale update

Star Phoenix Group Ltd

("Star Phoenix" or "the Company")

12 March 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, is pleased to advise that it has received US$0.5 million cash consideration from LandOcean Energy Services Co., Ltd ("LandOcean"), pursuant to the sale of Range Resources Trinidad Limited ("RRTL"). The remaining US$0.5 million plus late fees of 8% interest per annum, calculated daily from 12 February 2020 are expected to be paid by the end of March 2020. To date, the Company received the total of US$1 million from LandOcean pursuant to the RRTL sale.

The Company and LandOcean are continuing to progress with completion of the RRTL sale and debt restructure and are committed to closing the transaction as soon as practicable. The final US$1 million will be paid within five business days of the completion date.