Share Prices & Company Research

Market News

09 Apr 2021 | 09:37

Star Phoenix terminates deal with LandOcean, issues final payment warning

(Sharecast News) - Oil, gas and oilfield services company Star Phoenix updated the market on the outstanding payment due to it and its subsidiaries from LandOcean Energy Services and its affiliates on Friday. The AIM-traded firm had previously said "substantial sums" remained due and payable from LandOcean, under the sale and purchase agreement of Range Resources Trinidad.

It said on Friday that all previous attempts to resolve the matter and recover the outstanding sums had been unsuccessful.

The group had now engaged new legal advisers, which had notified LandOcean that the company had chosen to terminate the sale and purchase agreement due to "repudiatory breach" by LandOcean.

It was also claiming various sums of more than $10.2m.

"Unless LandOcean expresses their willingness to pay these sums by 12 April, or alternatively meet with the company group, the advisers are instructed to commence arbitration proceedings in the London Court of International Arbitration without any further notice or warning," the board said in its statement.

"The company will provide a further update to the shareholders upon further material developments."

At 0919 BST, shares in Star Phoenix Group were up 6.06% at 1.75p.
Get in touch today
Join Redmayne Bentley
Talk to us now about opening a new account or transferring your account from another provider
0113 243 6941
Get in touch today
Contact your local office
Contact your local office to find out more
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
Continuing our Personal Service: View our Latest COVID-19 Update: 14th May 2021
We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.