StockMarketWire.com - Trinidad and Indonesia focused oil company Star Phoenix reported a full-year loss and said it was closing in on a sale of its Trinidad assets.

Pre-tax losses from continuing operations for the year through December amounted to $8.2m, compared to losses of $15.1m on-year.

Revenue from continuing operations dropped to $32k, down from $619k on-year.

The company recently agreed to sell its Trinidad subsidiary, in exchange for offsetting all outstanding debt.

'Closing of the transaction is underway with all key completion conditions in place,' Star Phoenix said.

'Upon completion, the company's indebtedness will be fully extinguished.'


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