Star Phoenix : Annual Report 2021

Star Phoenix Group Ltd

and Controlled Entities

Annual Report 2021

for the year ended

30 June 2021

ABN: 88 002 522 009

An electronic version of this report is available on the Company's website

www.starphoenixgroup.com

Star Phoenix Group Ltd
Annual report ended 30 June 2021	1

Contents
Directors' Report .............................................................................................................................	3
Operational Review........................................................................................................................	6
Remuneration Report (Audited) .................................................................................................	10
Auditor's Independence Declaration ........................................................................................	18
Consolidated Statement of Profit or Loss and other Comprehensive Income as at 30 June
2021………………………………………………………………………………………………………….19
Consolidated Statement of Financial Position as at 30 June 2021 .........................................	20
Consolidated Statement of Changes in Equity as at 30 June 2021 .......................................	21
Consolidated Statement of Cash Flows as at 30 June 2021....................................................	22
Notes to Consolidated Financial Statements ............................................................................	23
Directors' Declaration ..................................................................................................................	57
Independent Audit Report to the Members..............................................................................	58
Additional Information..................................................................................................................	61
Corporate Directory .....................................................................................................................	63

Star Phoenix Group Ltd
Annual report ended 30 June 2021	2

Directors' Report

The Directors of Star Phoenix Group Ltd ("SPG" or "the Company") and the entities it controls (together, the "Group") present the financial report for the year ended 30 June 2021.

Directors

The names and details of the Company's directors in office during the financial year and until the date of this report are as follows. The directors were in office during the entire period unless otherwise stated.

	Name	Position
	Mr Zhiwei Gu	Executive Chairman
	Mr Lubing Liu	Executive Director, Chief Operating Officer
	Dr Mu Luo	Non-Executive Director
		Non-Executive Director (Ceased to be a director on 11
	Dr YuFeng Meng	December 2020 as per the results of the votes on 2020
		AGM)
	Mr Zhiwei Gu: Executive Chairman
	Qualifications:	LL.B, LL.M., MSc
	Interest in shares and options:	5,489,793 ordinary shares
	Directorships held in other
	listed entities during the past	None
	three years

Mr Gu is an experienced corporate lawyer, who has worked with numerous companies seeking listings on various international stock markets, including the Toronto Stock Exchange and the Hong Kong Stock Exchange. He is currently a partner of Dentons, one of the largest global law firms. Mr Gu has participated in several venture capital and private equity investment cases by various funds such as London Asia Fund, Warburg Pincus, Korea Development Bank, China Venture Investment Co., and China Cinda AMC. During his time with China National Gold Group Corp., Mr Gu was in charge of mineral resources merger and acquisition activities. Mr Gu holds an LLB from Jilin University in China, an LLM from Northeast University in China, and Master of Applied Finance from Macquarie University in Australia. Mr Gu is a qualified lawyer and securities practitioner in China.

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Annual report ended 30 June 2021	3

Mr Lubing Liu: Executive Director, Chief Operating Officer and Joint Company Secretary

Qualifications:	BSc
Interest in shares and options:	1,726,077 ordinary shares
Directorships held in other
listed entities during the past	None
three years

Mr Lubing Liu has 25 years of global experience in petroleum exploration, development,

production, joint venture operations and new ventures. Prior to joining the Company, Mr

Liu held various subsurface leader roles, including Chief Reservoir Engineer with Melbana

Energy Limited, Vice President of Exploration and Petroleum Technology with Sinopec

East Puffin Pty Ltd, and principal petroleum engineering leader roles with other

international exploration and production and energy service companies including

ConocoPhillips, CNOOC, Woodside, RPS and LR. Mr Liu is experienced in petroleum

engineering and has extensive IOR/EOR (waterflood inclusive) and gas cycling

experience having worked at the Xijiang24-3/30-2/24-1 oilfields, Liuhua 11-1 oilfield and

Penglai oilfield in China, the Chinguetti oilfield in Mauritania, Block 95 in Peru, Goodwyn

gas field, Thylacine & Geographe gas field and Longtom gas field in Australia. Mr Liu

holds a BSc in Petroleum Engineering from the Southwest Petroleum University, China. He

is a Member of the Society of Petroleum Engineers.

Dr Mu Luo: Non-Executive Director

Qualifications:	BSc, MSc, PhD
Interest in shares and options:	None
Directorships held in other
listed entities during the past	None
three years

Dr Luo is a senior oil and gas professional with over 35 years' experience working for leading international E&P and oilfield services companies. He has worked on various giant conventional and unconventional projects across all levels from research to operations. He is currently a principal development geophysicist to Inpex Corporation, leading a multi- billion Ichthys LNG project in Australia. Prior to that, he held principal roles with Sinopec Oil and Gas, PGS, Japan Petroleum Exploration Company Limited, and Japan Oil, Gas and Metals National Corporation. Dr Luo holds a PhD in Exploration Geophysics from the Curtin University, Australia; MSc in Geophysics from the University of Queensland, Australia; and BSc in Geophysics from the Petroleum University of China. He is a member of the Australian Society of Exploration Geophysicists, the European Association of Geoscientists andEngineers, and the Society of Exploration Geophysicists.

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Dr YuFeng Meng: Non-Executive Director (appointed 14 April 2020)

Qualifications:	BA, MBA, PhD
Interest in shares and options:	None
Directorships held in other
listed entities during the past	None
three years

Dr Meng's career spans over 30 years across the USA, Australia, Hong Kong and China, where she held various leadership, management and consulting roles in different sectors including education, aircraft tyre logistics, waste management, real estate, equity investment, banking and Free Trade Zone management and marketing. Dr Meng has experience in the public sector, project management, and finance (particularly in the Build-Operate-Transfer or Build-Own-Operate-Transfer project financing). More recently, she organised numerous government trade delegations to promote bilateral business cooperationbetween China and Australia. Dr Meng holds a PhD in Business Administration from InterAmerican University and an MBA in Business Administration from Southern California University. Dr Meng is a nominee of a shareholder, Beijing Sibo Investment Management LP.

Company Secretary

The following persons held the position of company secretary during the financial year:

• Ms Evgenia Bezruchko (Resigned on 27 August 2021)
• Mr Lubing Liu (appointed 1 April 2020)

Ms Evgenia Bezruchko: Joint Company Secretary

Qualifications:	BSc, MSc, MBA
Interest in shares and options:	434,326 ordinary shares
Directorships held in other	None
listed entities during the past
three years

Ms Evgenia Bezruchko has 10 years experience in corporate development and capital markets in natural resources sector. Prior to joining SPG in 2012, Evgenia worked in corporate broking and equity sales for an independent merchant bank Brandon Hill Capital (formerly Fox-Davies Capital Limited), covering a wide range of listed and private oil & gas and mining companies. Evgenia holds a BSc in Pharmacology from the University of Bristol, an MSc in Finance from the University of Westminster and an MBA from the American InterContinental University.

Star Phoenix Group Ltd
Annual report ended 30 June 2021	5