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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
Https://oilprice.com/Alternative-Energy/Geothermal-Energy/Geothermal-Energy-The-Hot-New-Trend-In-Renewable-Power.html
Countries worldwide, including the U.K., Japan, Kenya, and Indonesia, are looking to develop their geothermal energy capacities to diversify their renewable energy mix.
Dated 13th july...
htTps://drillordrop.com/2023/07/13/south-downs-oil-field-to-restart-production/
Oil extraction is to resume at the Avington field in the South Downs National Park after a break of more than five years.
And
It said the operator, recently renamed Star Energy, would carry out a workover of the Avington-3z well. This was the field’s best performer, accounting for 81% of the produced oil, UKOG said. It added:
“Given the 5-year shut-in period, which potentially has permitted reservoir pressure around the well to build up, some element of “flush” production (i.e., higher than the flow rate prior to shut-in) is expected upon production restart.”
The average extraction rate when the field was producing was 336 barrels a day.
Https://www.alphaspread.com/security/lse/igas/dcf-valuation/base-case
The intrinsic value of one IGAS stock under the base case scenario is 75.3 GBX. Compared to the current market price of 12.15 GBX, IGas Energy PLC is undervalued by 84%.
Bank of America reduced to 0.0% any views on this and the level of recent selling to achieve this? Hopefully should see a move upwards now. Coincided nicely with the Biden visit and the fact UK are now a huge hub for fracked US gas.
May only be a month of hedging in total - but it will make a bit of a difference
Thanks G- martin
one other point to note - whilst they did take losses on hedging in 2022, they will make on it this year....from the same accounts..
To protect against the volatile oil price and in accordance with the requirements of our RBL facility, the Group placed commodity hedges for a period of up to 12 months. As at 31 December 2022, the Group had hedged a total of 60,000 bbls for 2023, using fixed price swaps at an average fixed price of $94.93/bbl.
From the annual accounts...end december 2022
We are now firmly focussed on maximising the value of our oil and gas assets to facilitate a "just transition" to a renewable energy future through the growth of our geothermal heat business
...
that says to me and it is just my opinion, that they are going to offload the entire
O and G business, and "transition" to a solely geothermal business, with no liabilities and cash on hand to develop it.
at the current cap, an announcement of a sale of the entire O and G porfolio should put a rocket under the share price.
How would they bounce unless the company provide some information on their plans and strategy? Well oversold though….
Ask them... https://www.britishbulls.com/SignalPage.aspx?lang=en&Ticker=IGAS.L
Why the price drop for a change of name???
Please note, the new message board for starcom, now T42 is as follows
https://www.lse.co.uk/SharePrice.asp?shareprice=TRAC&share=T42-Iot-Track
Thank you, many thanks.
No it isn't, use trac to get the t42 bb
https://www.lse.co.uk/SharePrice.asp?shareprice=TRAC&share=T42-Iot-Track
Link here
Good morning is this the board for STARCOM?
I've emailed about this yesterday funnily enough. As the Polaris off-road electric snow mobiles were officially released last week
https://www.starcomsystems.com/starcomplc/news/20201015_trading_update.pdf
This is over a year old but definitely not out of date. It was speculating about what could happen around now.
Thanks, not recalled that, let's see what come then.
It was mentioned by Starcom in the October ‘20 trading update Hunky…
Starcom, as a provider of monitoring and tracking technology to Zero, has a potential opportunity to also supply this technology to the Polaris-Zero joint venture over the coming years. Starcom and Zero have already initiated negotiations about this exciting development, a lthough it is impossible at this stage to indicate if this opportunity will come to fruition and the timing of such.
Good find, it will be interesting. I'm all for a good link, but this one - it's important to note, there has never been an announcement or reference from the BoD (at least to my knowledge).
The link has purely stemmed from our colab with zero.and their subsequent colab with Polaris
Just in the interest of balance, however, if this is announced - it's unknown and unmentioned (officially), so should have a decent impact on the sp. Want to see clarity in this instance personally.
Not long to wait to see if Cypher 111 is going to be part of the 1st of the collaborations between Zero & Polaris. Launch date annouced as 1st December…. we could be in for a bumper week of News flow….
https://www.instagram.com/p/CWwpP2BlqwH/?utm_medium=copy_link
https://www.businessinsider.com/onboard-container-ship-fighting-shipping-crisis-cma-cgm-marco-polo-2021-11?r=US&IR=T
The BoD referenced this region in the rns. That's just one ship, the scale is huge, one a small % of one ship would be a game changer for us, let alone more
The scale really is hard to fathom
https://www.lse.co.uk/rns/STAR/change-of-name-ot13eiitwiyugz4.html