Star Phoenix Extends USD1.0 Million Payment Date For OceanLand Energy

(Alliance News) - Star Phoenix Group Ltd said Monday it has agreed to extend the date for the ...

Alliance News 17 February, 2020 | 4:00PM
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(Alliance News) - Star Phoenix Group Ltd said Monday it has agreed to extend the date for the Chinese firm LandOcean Energy Services Co Ltd to pay USD1.0 million in cash for the sale of Range Resources Trinidad Ltd.

The oilfield services firm said the extension was agreed on a rolling basis, subject to late fees of 8% per annum, calculated daily from February 12 until the date the payment is received.

Star Phoenix, which was previously known as Range Resources, had announced sale of Range Resources Trinidad to LandOcean in November.

At the beginning of February the company had said it expected a delay in receiving a USD1 million from Chinese firm due to outbreak of coronavirus.

Star Phoenix shares were trading 0.5% higher in London at 1.86 pence each on Monday.

By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Star Phoenix Group Ltd 1.38 -
Star Phoenix Group Ltd 0.01 -

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