Company Announcements

Star Phoenix Group Ltd

("Star Phoenix" or the "Company")

31 May 2022

Appointment of Executive Chairman and Directorate Changes

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 announce that, following a meeting held by the Board of Directors (the "Board") today, the changes to the Board detailed below have been approved, effective from 1 June 2022:

1.  The Board elected and appointed Mr Lubing Liu as Executive Chairman effective from 1 June 2022;

2.   The Board appointed Mr Mu (Robin) Luo as Company Secretary and Executive Director effective from 1 June 2022. Mr Luo's appointment as Non-Executive Director will cease on 31 May 2022; and

3.   The Board approved Mr Zhiwei (Kerry) Gu's appointment as Executive Chairman will cease on 31 May 2022. Mr Gu will remain as a Non-Executive Director effective from 1 June 2022.

The remuneration of the Board of Directors will be adjusted to reflect the changes listed above.

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.