OUTSTANDING PAYMENT UPDATE Star Phoenix (AIM: STA), an international company with an oilfield services business in Trinidad and an oil and gas interest in Indonesia, provides the following update in relation to the outstanding payable due to the Company and its subsidiaries (the "Company Group") from LandOcean Energy Services Co., Ltd and its affiliates ("LandOcean"). As previously advised, substantial sums remain due and payable to the Company Group from LandOcean pursuant to the sale and purchase agreement of Range Resources Trinidad Limited (the "SPA"). All previous attempts by the Company to resolve the matter and recover the outstanding sums were unsuccessful.