Star Phoenix Receives Partial Payment in LandOcean Dispute
By Joe Hoppe
Star Phoenix Group Ltd. said Tuesday that it has received a partial payment of $130,000 in relation to two of its four claims against LandOcean Energy Services Co.
The AIM-listed oil-and-gas company said the payment represents positive progress with an established channel of payment now open.
The lawsuit is related to the acquisition of Range Resources Trinidad Ltd. by LandOcean in March 2020, and outstanding payments Star Phoenix says is owed to it by LandOcean.
In August, the London Court of International Arbitration issued a consent award related to two of the four claims, requiring LandOcean to make a payment of $301,265 to Star Phoenix.
Star Phoenix said a tribunal has directed all claims and counterclaims must be heard at the same time, with the final hearing in the fourth quarter of 2023.
Write to Joe Hoppe at [email protected]