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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
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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
October 4 (SeeNews) - UK-based Star Energy Group said on Wednesday that its Croatian subsidiary A14 Energy has been awarded two geothermal licences by the Croatian Hydrocarbon Agency, as part of an ongoing licencing round.
These licences, named Sjece and Pcelic, cover an area of 32 sq km each and have an initial exploration term of five years. They are located in northern Croatia within the Drava depression geological region, which is part of the southwestern area of the Pannonian basin, according to Star Energy's press release.
You can download the 2023 Renewable energy in Southeast Europe report here
The licensing commitments entail drilling four wells for one licence and three wells for the other. However, considering the density of existing data for these licences, it is expected that only the first well on each licence will serve as an exploration/appraisal well.
The preliminary assessment of the Sjece license indicates the feasibility of a 15-25MWe (one million watts of electric capacity) power plant, boasting an attractive Net Present Value (NPV) and Internal Rate of Return (IRR) in the high teens. This assessment is based on nine exploration wells that have been drilled, leading to the identification of up to three distinct hot water reservoirs.
Similarly, the initial appraisal of the Pcelic license suggests the feasibility of a 20-30MWe power plant, with NPV and IRR metrics comparable to those of Sjece.
Star Energy Group announced in August it acquired 51% of the issued share capital of A14 Energy Limited, which indirectly also owns the Ernestinovo geothermal waters exploration licence. The two new licences are in the same region in which its Ernestinovo licence is located.
"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," Star Energy CEO Chris Hopkinson said.
(Alliance News) - Star Energy Group PLC on Wednesday said its Croatia-based joint venture has received two geothermal licences from the Croatian Hydrocarbon Agency for a a five-year exploration term.
The London-based onshore energy company, formerly known as Igas Energy PLC, said the Sjece and Pcelic licences are for the drilling of four and three wells respectively.
Currently, nine exploration wells have been drilled and up to three reservoirs identified at Sjece, while Pecelic has two exploration wells drilled.
Both licenses are located in the Drava depression geoligical region, southwest of the Pannonian basin.
Back in August, Star Energy bought a 51% stake in A14 Energy Ltd.
A14 is a Lincoln, England-based geothermal development company which owns, via its Croatian subsidiary, IGeoPen doo, the Ernestinovo geothermal waters exploration licence in the highly prospective Pannonian basin in Croatia.
Chief Executive Officer 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 JV 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."
Once US market opens up and a lot more people coming in this afternoon
We should start to gain some momentum and see this share really push upwards UKEnPowerBritain
Press coverage......expect more people coming in later this afternoon and tomorrow once news has broken out
Wow....could get this share really moving up......massive news out
Coming and new highs
Very nice news indeed
Fabulous news today .....wow
My algo flagged this one for abnormal buying and looks like we might be breaking out of a very long downtrend here. I bought a decent chunk today, I think we may see some positive movement, hopefully news in the coming weeks!
Catch a fallen star put it in your pocket save it for a rainy day but in this context were heading for a monsoon, bail out while you can.
What is meant by "less extensive"?
surely they should be as extensive as possible, for the benefit of dumb punters
Agreed or s%^tshow
This co needs to change it,s name to fallen star!
Where do most of our gas come from answer America ten years ago roughly the yanks economy where in tatters. What got them out of s it shale gas they invested heavily in shale gas results there economy turned around,what do we do bury our heads in the sand like ostriches, what happens next is millions have people pay high gas price's because of our governments stupidly becoming afraid of greenpiecee minority who run around with blinkers on, do not moan when we have a cold winter and people die because they cannot afford to pay there bills. There have not been any major earthquakes, I rest my case.
HtTps://drillordrop.com/2023/08/15/star-energy-sells-two-potential-drilling-sites-in-cheshire/
Dated 15th August 2023..
excerpts..
Star Energy selling two potential drilling sites in Cheshire
Land Registry documents seen by DrillOrDrop show the plots were bought by Star Energy subsidiaries from Grahams Estates Limited more than seven years ago.
Both are now being sold by Rostons estates agents as agricultural land at more than £10,000-£12,000 per acre. If both reach the maximum price, Star Energy Group would expect to receive about half a million pounds.
There is no publicly-available relinquishment report for PEDL190. DrillOrDrop asked Star Energy to confirm whether it had relinquished or surrendered the licence but the company did not respond. We’ll update this article if the company does reply.
Star Energy’s most recent accounts, for 2022, released on 30 March 2023, included PEDL190 as an asset. The group was the licence operator and held a 50% interest, along with Ineos. More recent statements from the company have not referred to PEDL190.
This country needs to wake up, right in front of your eyes is the answer to put the economy back on it, s feet ie shale gas has America Canada plus various places ever had a major earthquake, billions of pounds have been made, but no are stupid government take notice of green peace minority who think they no it all.
Star is going to be an interesting case in coming years as they transition from an oil & gas company to a geothermal one. Having increased expenditure to concentrate on maxing out production from its existing portfolio, production rose by just over 11% on 2022 1H as the run-off of the estate continues.
From now on it is going to be a really interesting play, as the statement says the Government white paper calls for joint working on the industry and to ‘move quickly’ to unlock its potential. Star have been an early mover here so I imagine that they will be able to be leaders in the sector in the public sector especially as they have been investing time, money and human resources in it.
If not, killing the fatted calf may prove to be a fateful decision, investors will have to decide whether to wait around for the results, something that may take a very long time. The shares are down some 90% since the high earlier this year so it looks like investors would rather watch from the outside.
Those that bought egdon say this...
HEYCO Group believes that fossil fuels remain critical for the UK's future and that Egdon is strategically positioned for that future with its conventional projects as well as with opportunities for gas storage, hydrogen, geothermal, and renewable generation.
and
HEYCO Group was part of the group that commenced production at the Avington field in southern England in 2007 and is the parent company of a current UK licence holder.
ends..
star energy is the operator in the avington field.
there are a lot of similarities between HEYCO and star - which lend to the view that they could be a potential buyer for all of stars o and g assets
The rns today confirms the company's plan to exit o and g and focus on the geo thermal.
that means it is for sale - egdon was sold for £26 million with revenue of £6.9m for the year on 250 boepd or thereabouts.
star had £59 million revenue on over 2000 boepd - the o and g has a value way in excess of the current cap