Star Phoenix begins arbitration against LandOcean

Star Phoenix updated the market on the outstanding monies due to it and its subsidiaries from LandOcean Energy Services and its affiliates on Wednesday.

The AIM-traded firm said its legal adviser, Dentons UK and Middle East, had now filed an arbitration request in the London Court of International Arbitration, officially marking the start of arbitration proceedings against LandOcean.

Under the request, the group was claiming various sums from LandOcean, currently estimated to be more than $8.4m (£6.06m).

“There are additional claims of $1.8m that fall outside of the request, and the company is exploring options of bringing these claims separately in the courts of Trinidad and Tobago,” the board said in its statement.

“These sums are owed to the group by LandOcean pursuant to the sale and purchase agreement of Range Resources Trinidad.”

At 1522 BST, shares in Star Phoenix Group were up 3.33% at 1.86p.