Company Announcements

Star Phoenix Group Ltd

("Star Phoenix" or the "Company")

6 May 2022

UPDATE ON ARBITRATION PROCEEDINGS AGAINST LANDOCEAN

Star Phoenix (AIM: STA), an international company with an oilfield services business in Trinidad and an oil and gas interest in Indonesia, is pleased to provide an update on the Stage 1 of arbitration proceedings against LandOcean Energy Services Co., Ltd and its affiliates ("LandOcean") since previous announcements dated 7 September 2021 and 14 July 2021 ("Stage 1 Claims"). Due to the impact of COVID-19 pandemic, the duration of Stage 1 arbitration proceedings is taking longer than originally anticipated.

Stage 1 Claims Update

1.   Filing Work

Our legal adviser, Dentons UK and Middle East LLP, has already completed filing work in relation to the Stage 1 Claims in the London Court of International Arbitration ("LCIA")

2.   Pre-hearing Conference

The Tribunal has listed a short pre-hearing conference on Friday 6 May 2022. The purpose of the hearing is to discuss procedural matters ahead of the final hearing. Our legal adviser, Dentons UK and Middle East LLP, will attend the pre-hearing conference on behalf of the Company.

3.   Final Hearing

The Tribunal has proposed that the final hearing commences at noon 12pm London time and that it ends by 4pm London time on Monday 30 May 2022 to accommodate the various time zones the attendees will be calling in from. Our legal adviser, Dentons UK and Middle East LLP, will attend the final hearing on behalf of the Company.

The Company will announce the results of the Stage 1 Claims after the Tribunal has issued its expected partial award following the final hearing. The Company remains confident that it will recover around US$1.4 million of the Stage 1 Claims after the Tribunal has issued its expected partial award, with the quantum of the remaining sums to be determined by the Tribunal during the stage 2 arbitration proceedings.

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

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.