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Dated october 2023
htTps://drillordrop.com/2023/10/30/whats-happened-to-onshore-production-since-2018/
13 oil fields and four gas fields recorded rising production in recent months.
They represented less than a quarter of UK onshore producers but included the largest onshore gas field, at Saltfleetby in Lincolnshire, and several onshore oil fields operated by Star Energy in Lincolnshire and the Weald in southern England.
The biggest rise was reported at Saltfleetby, which resumed production in September 2022. Since then its most recent monthly data, from July 2023, was a record high. The field accounts for 80% of UK onshore gas production.
In these fields, production in the most recent month was above the monthly average for the past five years.
The oilfields were:
Bothamsall (Star Energy, Lincolnshire)
East Glentworth (Star Energy, Lincolnshire)
Gainsborough (Star Energy, Lincolnshire)
Goodworth (Star Energy, Hampshire)
Horndean (Star Energy, Hampshire)
Keddington (Heyco, Lincolnshire)
Long Clawson (Star Energy, Leicestershire)
Palmers Wood (Star Energy, Surrey) – see chart above
Rempstone (Star Energy, Nottinghamshire)
Scampton North (Star Energy, Lincolnshire)
Singleton (Star Energy, West Sussex)
Stainton (Star Energy, Lincolnshire)
Stockbridge (Star Energy, Hampshire)
AND
The top five
The data shows the UK’s top five oil fields were:
Wytch Farm (Perenco, Dorset) accounting for 80% of onshore oil production
Wressle (Heyco, North Lincolnshire)
Singleton (Star Energy, West Sussex)
Welton (Star Energy, Lincolnshire)
Stockbridge (Star Energy, Hampshire)
The top five gas fields were:
Saltfleetby (Angus Energy, Lincolnshire)
Coalmine vents operated by Infinis Energy at Bilsthorpe, Maltby and by Velox Power at Stillingfleet
Albury (Star Energy, Surrey) – in March 2023, the county council refused planning permission for the site to convert Albury methane into grey hydrogen.
Updated 1/11/23 to correct the operator of Stillingfleet to Velox Power
That seems a fair analysis RT.
Personally I think the oil price has started to stabilise and will only see increases over what is probably going to be a cold winter.
I've stuck a bit in here at 10p as it seemed already very undervalued. Hoping for a reasonable return if the market becomes more buoyant soon.
Currently it just looks like we need some news / update with news to come soon so that we get more than 2-3 trades a day for a couple hundred shares each...
My interest has dwindled. Particuarly seeing the oil price dropping. Also thoughts around the fact that if you dont like Geothermal, its more of a drawdown play. Im going to be patient and If I see the oil price looking a bit safer and the end to institutional selling, then I will hopefully go in. I fthe price gets much lower - certainly something like 5p - its such a bargin that it has to be worth the risk. Perhaps some more selling by large shareholders could deliver this.
There might be a litle twinkle at some point in near future perhaps Mr Cameron can get slick Rick to see the error of his way,s.
Very good video Rogue trader.
Have you made a decision yet?
Started with a rise then went down Why!
Doesn't look like the rise has stuck unfortunately.
But it's hard to tell as the number of trades are soo low.
Any long term holders around that can summarise what's happed with the drop over the last year and what news might be coming soon that could turn it around?
I know I should do more research (and I will) but haven't had the time yet and looking back through the RNSs often doesn't reflect sentiment or what happens to the price.
Also does anyone know why every trade here seems to be a kids pocket money rather than a reasonable sum?
Hope this not a flash in the pan.
Hi Rogue rader. If Star were to sell all their oil and gas assets for a bundle of cash they would, in my opinion, have the necessary funds for any new ventures. But whether anyone would offer what Star think they are worth is quite another question!
A New analysis of Star Energy: https://www.youtube.com/watch?v=I6h5jFMFmxI
I dont think they will want to sell their oil assets now because they need them to generate cash flows to use to invest in Geothermal.
Thanks SEA7. That's much how I was thinking.
They haven't specifically stated that they are up for sale, however, reading between the lines from what they have stated in their interims implies that a sale is the direction of travel for the o and g assets ...
The streamlining of the management structure and rebranding of the Company from IGas Energy plc to Star Energy Group plc, which is now complete, were important steps in refocussing resource and redefining the Company's strategic direction.
The Group has significant intrinsic value in its oil and gas portfolio, from the existing producing assets, where the focus is optimisation, from the portfolio of near term development opportunities that can give rise to a step change in production and from the significant ring fenced tax loss position. Whilst our focus is on delivering this value from our existing conventional assets, the Group is fast developing its geothermal portfolio, deploying our decades of expertise in developing subsurface energy sources
and after the croatian acquisition...
This is an important next step in our strategy to transition, over time, into a significant player in the geothermal market and to deliver future value for our shareholders."
Has there been a formal statement or an RNS (for example) that STAR's oil and gas assets are for sale? If so, what does any one on this bulletin board think they might go for? I'm guessing that they might be worth around the current market cap of approx £15 million to a small number of onshore players. So, if they went for that much, we might see a pretty decent jump in the SP.
Yes previously known as igas, had a name change to star energy.
Is this I Gas ?
Can we have some magic in STAR today.....will all of you shine bright today.....i hope so.
4 percent
Should see this start to move up now
Thanks ria !
I completely agree Sea7 this is very cheap and a multi-bagger from today price....great time to buy and in this share will rise
Not to mention the largely ignored oil and gas assets that this company has - a 2000 boepd operation, bringing in £23 million revenue in six months, with Ring fenced tax losses of £259 million. They have paid down over £5 million of debt in the last year and are looking on track to be net debt free by end december, if they remain on the current path.
they are in the process of decommissioning the non economic wells and making the entire o and g portfolio as neat and clean as possible - as they will sell it, to fulfil their stated ambition of a full move into geothermal. They have stated that they are going to transition from the o and g business to the renewables - so it goes without saying, the o and g portfolio will be up for sale
they talk of significant intrinsic value in the oil and gas portfolio - they are right and it way exceeds the current mcap of the company. If they do sell the o and g portfolio soon, it will be several multiples of the current price, that much I am quite sure of.
then they will attract the buyers of green only businesses, who currently cannot touch it, due to the o and g assets on the books
150,000....great time to be in here....tomorrow should be the day when more people come on board .....expect a strong opening start
Tomorrow once news have been seen ......great RNS today
Wed 04 Oct 2023 07:00
RNS Number : 5943O
Star Energy Group PLC
04 October 2023
Â
4 October 2023
Star Energy Group plc ("Star Energy" or "the Company" or "the Group")
Â
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.
SjeÄe Licence
A 32km2 licence, located in north-eastern Croatia within the Drava Depression of the Pannonian basin the licence has 356km of 2D seismic, c.20km2 of 3D seismic data. Nine exploration wells have been drilled and up to three different hot water reservoirs identified.
Initial appraisal demonstrates that a 15-25MWe (one million watts of electric capacity) powerplant is feasible, with an attractive NPV and IRR in the high teens.
PÄelić Licence
A 32km2 licence, located in northern Croatia within the Drava Depression of the Pannonian basin, the licence has 262km of 2D seismic and two exploration wells drilled. Measured temperatures at the bottom of the two exploration wells were 196â° C (PÄe-1) and 207â° C (PÄe-1AL).Â
Initial appraisal demonstrates that a 20-30MWe powerplant is feasible with similar NPV and IRR as SjeÄe.
The Croatian Minister of Economy and Sustainable Development , Davor Filipović commented:
"Activating geothermal potential is a significant step towards increasing energy production on Croatian soil. In addition to increasing the security of our state by increasing our own energy production from renewable, clean sources, activating geothermal potential brings a number of benefits to the economy. Geothermal potential is becoming a resource that will play a significant role in creating energy independence and sufficiency of the Republic of Croatia."
Commenting, CEO Chris Hopkinson, said:
"We are very pleased to be have been issued these two highly prospective licences. Now with a portfolio of three licences, including Ernestinovo, we have demonstrated that our Croatian Joint Venture is well positioned to be a key player in delivering Geothermal Energy in Croatia in line with the local Government's targets. We have already commenced with preparing the site for our first well re-entry on Ernestinovo and look forward to commencing work on these two licences."
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* Star Energy's Croatian