2 August 2023

Star Phoenix Group Ltd

("Star Phoenix" or the "Company")

Restructuring Plan

Star Phoenix (formerly AIM: STA), an international company with an oilfield services business in Trinidad and an oil and gas interest in Indonesia, acknowledge the reality of cancellation of admission to trading on AIM due to the termination of Nomad service. This unfortunate event is nothing more than a combined consequence of delay of fund transfer due to extreme foreign currency shortage in Trinidad, the deliberate avoidance to remit the remaining sum of the 2 LCIA awards to the Company, and the untimely changeover of the Company's Chinese subsidiaries.

Learned from this unfortunate event, the Company will endeavor to minimize the impact of admission cancellation. The Company is currently studying strategies of restructuring. Among several options, the main focuses are:

·   Establish strategic partnership with a company with cutting-edge technology in oil recovery process to generate cash flow in short term.

·    Establish a contingent process to strengthening the Company's financial resource.

·    Continue the remaining LCIA proceedings.

·   Transform the Company's existing drilling business from oil services to a pure player on emerging new energy.

·    Restore admission to trading on AIM.

The Company will provide a further update to the shareholders upon further material developments. This announcement has been approved by Chairman Lubing Liu on behalf of the Company.

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.