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Star Phoenix Group Ltd on Friday updated on its arbitration proceedings against
LandOcean Energy Service Co Ltd to recover an outstanding payment of $10.2 million.
The Trinidad and Indonesia-focused oil and gas company said a pre-hearing conference will take place on Friday, with the final hearing proposed for May 30. Its legal advisor Dentons UK and Middle East LLP will be in attendance at the hearing.
The company will update on the stage 1 claims at that time, and remains confident of a partial award of $1.4 million.
Shares in Star Phoenix were down 8.2% to 1.10 pence each in London on Friday morning.
The remaining sums due will be determined in stage 2 arbitration proceedings, the firm said.
The claims relate to the sale of Range Resources Trinidad Ltd to LandOcean at the end of March 2020.
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