StockMarketWire.com - Trinidad and Indonesia focused oil company Star Phoenix said the sale of subsidiary Range Resources Trinidad to LandOcean Energy Services had been approved by the state oil and gas company of Trinidad and Tobago.

The deal would be subject to a transaction fee payable to the state company, Heritage, no more than 20% of the cash value of the transaction attributable to certain licences.

Star Phoenix said the exact amount would be agreed with Heritage in due course.

Completion of the Transaction remained subject to approval by LandOcean shareholders at meeting slated for 20 January.

On completion, all outstanding debt from Star Phoenix and its subsidiaries to LandOcean, including a $20m convertible note, would be fully repaid, by offsetting against the consideration and all underlying debt agreements will be terminated.


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