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Wrong company? This is the old IGAS.. 2m profit per month UK 2nd largest onland producer
Hello to all old World Stocks sufferers. How is the company still alive? I am guessing the Chinese shell company still own the Trinidad oil wells? Anything else happening? Still utter nutters invested in this share?
From the accounts...
On 9 April 2024, the Group announced the closing of a new €25.0 million facility with Kommunalkredit Austria AG (Kommunalkredit), which was used to repay the outstanding balance on the RBL facility
Over £150k in buys the past hour 🤔
Will star energy announce when the debt has finally been paided off....(If it hasn't already b paid off)
I think be a good idea to let market know....draws a line under it...and then can build going forward....
GG
“Even after such a large jump in price, Star Energy Group may still be sending buy signals at present with its price-to-sales (or "P/S") ratio of 0.3x, considering almost half of all companies in the Oil and Gas industry in the United Kingdom have P/S ratios greater than 1x and even P/S higher than 4x aren't out of the ordinary.”
Https://x.com/theunsophistic2/status/1783408387071320533?s=46&t=4s-AQzZhMmeWz3Ire1AEsA
Unrisked broker target £2.42 from yesterday’s report, this assumes:
SSE Stoke network green light (Q2 expectation)
Croatia success (it was a success awaiting development licence)
Glentworth and corringham appraisal (shovel ready, potential farm in)
Easy hold here guys
STAR
“The Company is looking to bring in new partners in 2H24 to invest in development projects, but acknowledged that asset sales might also help to demonstrate the industry value of the UK oil and gas portfolio.”
🤔
Star Energy (STAR LN) 11.1p, Market Cap £14m:
Transition strategy continues
• Star reported average FY23 production of 2.1kboe/d generating £49.5m revenues and £15m operating cash flow (before working cap movements) to end the period with net debt of £1.6m as at 31st December.
• The Company guides average FY24 production of 2.0kboe/d and operating costs of c.$41/boe, which is based on £5.5m cash capex that includes near-term incremental projects with short cycle returns and maintenance.
• Star’s independent CPR estimated a small increase in YE23 reserves to 11.7mboe (1P) and 17.5mb (2P), which has a pre-tax NPV of $143m and $235m respectively, plus 18.6mboe of 2C contingent resources.
• The Company commented that its UK projects continue to suffer from regulatory creep and ever-increasing delays in obtaining regulatory approval for environmental permits, which are commonly in excess of 12M.
Star continues to optimise its UK oil and gas assets by investing to maximise recovery from the existing 2kboe/d onshore production base and progress near term incremental development opportunities to utilise the £240m tax loss.
However, management recognised on the results call that the UK onshore E&P sector remains out of favour and that the market gives little value to its pivot towards the growth of the geothermal business in the UK and in Croatia.
The Company is looking to bring in new partners in 2H24 to invest in development projects, but acknowledged that asset sales might also help to demonstrate the industry value of the UK oil and gas portfolio. Despite Star’s early mover advantage on geothermal energy that can be funded via its new five-year €25m credit facility, we think the market needs more clarity on UK tariffs and Croatian funding partners to enhance visibility on the opportunity set and commerciality of these projects.
So near term for STAR we have
Glentworth Phase 1 oil project environmental permits are expected imminently
Corringham site preparation complete
Bletchingley gas-to-wire secured grid connection
NHS hospital trust geothermal projects in Manchester and Salisbury progressing through feasibility stage
Croatia development plan
Farm in for glentworth and corringham
SSE JV q2
Executed well test on Ernestinovo-3 well in Croatia, satisfying exploration licence obligations. Data analysis from the well, once completed, will allow a ranking exercise for all three licences and lead to the production of a development plan for the most prospective opportunity
Data analysis of Croatia and development plan soon too
"the market" may cotton onto this soon..........
What should be noted is the £21 million positive movement in performance..
operating profit was £7.2 million in 2023, whereas it was a loss of £13.8 million in 2022 - that is a £21 million positive swing.
This should generate 47gwh of power when up and running...
Bletchingley
The Bletchingley gas to wire project now has full planning consent, environmental permits and a secured grid connection. Further work by the Distribution Network Operator is underway to optimise the grid connection routing. Subject to this being finalised, expected imminently, the project is now "shovel ready".
DeGolyer & MacNaughton updated CPR values 2P NPV10 at $235 million (2022: $215 million) using an oil price assumption of c.$72/bbl for 5 years, then inflated at 2-3% p.a. from 2028 to 2050
Https://x.com/theunsophistic2/status/1783038765381935174?s=46&t=4s-AQzZhMmeWz3Ire1AEsA
Wow nice find
Hit 36p on that mou 😏
The development of the Stoke-on-Trent project has taken longer than anticipated..
This due diligence was conducted during the year and the technical and commercial aspects of the geothermal heat provision within the project were signed off by the consultant towards the end of Q3 2023. Subsequent to the year end, SSE, as lead applicant have submitted a project change request to the GHNF which seeks to amend both the capital grant as well as the timetable within which that grant will be spent. A decision is expected in the second quarter of 2024.
Tax losses
The Group has gross total tax losses and similar attributes carried forward of £362.1 million (2022: £355.3 million). Deferred tax assets have been recognised in respect of tax losses and other temporary differences where the Directors believe it is probable that these assets will be recovered based on a five-year profit forecast or to the extent that there is offsetting deferred tax liabilities. Such recognised tax losses include £109.5 million (2022: £123.2 million) of ringfence corporation tax losses which will be recovered at 30% of future taxable profits, £92.6 million (2022: £119.8 million) of supplementary charge tax losses which will be recovered at 10% of future taxable profits and £4.3 million (2022: £1.9 million) of losses arising under the EPL regime which will be recovered at 35% of future taxable profits.
We’re making over £2m in profit every single month
Don't forget the tax credits as well! This really is very very cheap.
And currently, just under 88 to sell.
Nice profit.
Proving up glentworth and hydrogen storage ready.
Can’t believe the potential of corringham
producing more than the whole of wressle
@Starenergygroup 2100 boepd 10m mcap
Wressle 1700 boepd #EOG 30% 10m mcap #UJO 40% 17m mcap