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Canaccord Genuity Group reaffirmed their buy rating on shares of Star Energy Group (LON:STAR – Free Report) in a report released on Tuesday, MarketBeat reports. Canaccord Genuity Group currently has a GBX 55 ($0.70) price objective on the stock.
https://www.defenseworld.net/2024/04/10/star-energy-group-lonstar-receives-buy-rating-from-canaccord-genuity-group.html
Wow nice 23k buy results due soon
Get in while you can, this star is beginning to shine, not before time, btitain did not help it at all. We still import our gas from America, which depends on fracking plus they have had no major earthquakes.
Just the oil assets that push out over 2k boepd are worth at least 40p a share if sold. IMV
This has Ring fence tax losses of £259 million and 1P NPV10 of $144 million(2021: $139 million): 2P NPV10 of $215 million (2021: $190 million)
By another poster on another board..
They’re also looking into to hydrogen storage with any depleted assets.
https://cadentgas.com/news-media/news/march-2024/502a8604-b1a5-4984-821d-ccdf145ac95d#
EMstor, a consortium led by Cadent, the UK’s largest gas distribution network, and partnered with Star Energy Group, British Geological Survey (BGS), Net Zero Strategy and the University of Edinburgh, has been awarded Discovery funding by OFGEM/Innovate UK's Strategic Innovation Fund (SIF).
The funding will be used to undertake an innovative new study to evaluate the geological storage potential in the East Midlands region that is set to be served by Cadent’s future 100 per cent hydrogen pipeline.
Star has the largest fracking licenced areas in the uk - see what this outfit are doing with their areas in the uk..
posted by a user on another board..
the fracking licensed areas (biggest in UK) which could be converted for Geothermal use
https://www.cpreney.org.uk/news/yorkshire-fracking-site-geothermal-energy-hub-sustainable-solution/
Star is unhedged on its oil so capturing all the upside on the latest run up in prices. They have obtained financing to retire the rest of the legacy debt and provide for drilling costs in the geothermal space. This leaves the cashflow from the oil to ensure it can be expanded and optimised.
The company is now in the best place it has been for years. This should be a rerate we are seeing now.
I note in the comments on the below page, regarding the funding...(what brings sericas CFO to stars linkedin page?)
https://www.linkedin.com/posts/starenergygroupplc_we-are-pleased-to-announce-this-morning-the-activity-7183369015728181248-kRct
Martin Copeland
CFO at Serica Energy
14h
Huge congratulations guys! Really excited for you
Added a few this morning 1K value
Good news - it also bodes well with regards to the ernestinovo drill - as I am sure the lenders will have had some insight into progress
That's a handy loan and seems a good rate too. Should help with drilling presumably this year?
Croatian Geothermal Licencing Round Update
Star Energy (AIM:STAR) is pleased to announce its Croatian subsidiary* has been issued with two highly prospective geothermal licences by the Croatian Hydrocarbon Agency, as part of the current licencing round announced on 28 December 2022.
"The two licences, each with an initial five year exploration term, SjeÄe and PÄelić, are located in the Drava depression geological region (the southwestern area of the Pannonian basin), the same region in which its recently acquired Ernestinovo licence is located. The licence commitments are to drill four and three wells respectively, however given the density of existing data on the licences, it is expected that only the first well on each licence will be an exploration/appraisal well."
Looking forward to results where hopefully we'll find out how quickly they plan to move on this as well as results from ernestinova.
Firmed up again today. Oil still holding higher prices too. Perfect storm for STAR
Https://x.com/theunsophistic2/status/1777322668942831931?s=52&t=4s-AQzZhMmeWz3Ire1AEsA
Geothermal looks to have a decent chance of being very successful in Croatia. Worth reading up on the countries attitude to this tech as they intend to use it to supply europe with green energy.
Much more interesting than I initially thought anyway.
They're never going to pay divi's as an oil company. They'll blow it all on geothermal.
Agreed. Now needs to start paying dividends as a utilty stock.
So with Brent now approaching $90, having risen from near $75 at the end of 2023, and Star producing circa 2000bopd, that is an extra $30K of revenue per day. Or put another way $1m a monthand most of it should drop to the bottom line all other things being equal. I don't think it will take them till June to pay off the remaining debt, I think it could be cleared by the end of this month.
Couldn't agree more Sea7 - very fair and conservative assessment. They do also still have the value of the possible fracking sites devalued/written-back for today's accounting purposes by £30 million. With energy security at an all time interest in Europe / UK and soon to increase unsustainable gas pricing this may one day come back into play?
Because they were subject to relentless selling by sandgrove and bank of america, as well as paying down debt. The share price is beginning to recover now that it appears those two sellers are gone and the debt will be gone in about two to three months also.
when they were IGAS, they had a low of about 10p a share when covid lockdowns arrived in 2020 and hit over 110p a share when the shale ban was lifted. IGAS was about 15p a share when the name change took place, if I recall.
as the above has dragged on for so long, the market has largely ignored them. The company is in better shape than it has ever been and by rights, a reversion to at least 20p a share should be on the cards as it is an undemanding target and is a good support level.
Producing more than Wressle
So now explain how UJO and EOG have combined mcaps of 27m at 70% of wressle so 1100 boepd combined
And STAR have 100% ownership, their own abandonment crew and rig 2185 boepd and climbing 12m mcap
Yes, been much better this last few days. Still very much undervalued too
Nice to see a steady stream of buying again today.
I agree Sea, but it would be nice if it were to be accompanied by one or both of the others?
I know, I'm greedy.
Danno.
Big sellers finally gone
Croatia results are ace?
Big seller finally gone?
Government announcement about energy security?
26% on 'no' news - let's hope its only the start.
GLA
Danno