Firering Strategic Minerals: From explorer to producer. Watch the video here.
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Started: Jimmy6, Today 16:19
Last post: Jimmy6, Today 16:19
Labour will destroy the UK Oil & Gas Sector.
Vote for Reform, the only party with the possibility of winning.
Tell your family & friends.
Not just for Oil & Gas, but for Great Britain.
VOTE REFORM
"Our intention is to exit our shale gas licence positions in order to save the costs of licence fees and to allow greater focus on our producing assets."
Nothing like a bit of DYOR. Above is from June 12th trading update. So long as they don't sell before election day all's good imho.
Reform seem very popular on the twitter front and even Galloway thinks that Farage has a chance.
On the off chance the Brits do stand up to vote for them and given they've said yes to fracking what shale licences have Star kept and how quick could they get their permissions to drill in?
Started: mfdoom, 12 Jun 2024 16:51
Last post: panman, 15 Jun 2024 12:00
Lets hope for he sake our the country and our so far reliable power supplies labour don't get in then or are we all looking forward to going back to rolling blackouts.
Don't think the migrant army will be best pleased at that situation.
"Labour have said that GB Energy will be an investment vehicle for nascent renewable technologies and geothermal fits perfectly within that definition."
Labour have full support for the NHS and geothermal plans.
Topped up my holding here, I see very limited downside along with big potential upside. Great R/R imo!
Started: Goliath., 12 Jun 2024 23:18
Last post: Goliath., 12 Jun 2024 23:18
A confident statement from new CEO Ross Glover who appears to have a strong grip on the portfolio and how to maximise performance. He starts with production of c.2000 boe/d in line with guidance and they are well placed to use the well stock to give a swift payback and to keep opex down, and without the shale licences around their neck.
New projects are still coming through the system which is encouraging and I like his attitude about right-sizing the business. The recent refinancing has helped this and offers flexibility on the growth front with a stronger balance sheet, optionality with regard to economics and offering upside in the portfolio.
As for geothermal, the new CEO is a believer and claims it will play a ‘key part’ in decarbonising heat without a lot of the detritus of conventional sources of energy. I will bow to him on that front as it looks to good to be true and you know what they say about that…
I’m confident that Star is on the right road and in a good place with Ross Glover in the driving seat, sticking with the oil and gas knitting in these days seems a wise move, I look forward to seeing the development of Star under new management.
https://www.malcysblog.com/2024/06/oil-price-star-energy/
Started: Prowler100, 12 Jun 2024 15:25
Last post: Prowler100, 12 Jun 2024 15:25
Decent write up from Malcolm Graham Wood on Twitter .. it would be nice to see an interview with new CEO, Ross Glover, and more regular social media posts updates from the company. I do think STAR ENERGY would benefit from some improved PR .. attract new investors and certainly more regular communication with existing / potential shareholders. It's a good little company - let's get the message out there !
Malcom Graham Wood : https://www.malcysblog.com/2024/06/oil-price-star-energy
'A confident statement from new CEO Ross Glover who appears to have a strong grip on the portfolio and how to maximise performance. He starts with production of c.2000 boe/d in line with guidance and they are well placed to use the well stock to give a swift payback and to keep opex down, and without the shale licences around their neck. New projects are still coming through the system which is encouraging and I like his attitude about right-sizing the business. The recent refinancing has helped this and offers flexibility on the growth front with a stronger balance sheet, optionality with regard to economics and offering upside in the portfolio. As for geothermal, the new CEO is a believer and claims it will play a ‘key part’ in decarbonising heat without a lot of the detritus of conventional sources of energy. I will bow to him on that front as it looks too good to be true and you know what they say about that .. I’m confident that Star is on the right road and in a good place with Ross Glover in the driving seat, sticking with the oil and gas knitting in these days seems a wise move, I look forward to seeing the development of Star under new management.'
Started: Goliath., 12 Jun 2024 07:17
Last post: SEA7, 12 Jun 2024 13:57
It is worth remembering just how undervalued this is...
egdon was producing c.250 boepd when it was sold to petrichor for £26.6m - or 4.5p a share.They talk of geothermal as well at egdon.
with star producing c.2000 boepd and currently valued by the market at £12m, then any possible takeover will be many multiples of the current SP.
A good update - looks like they may be shedding a few from the headcount - which will be a good cost saving..
I will be working to right-size the business and to ensure we have the optimal corporate structure that is both appropriate for a business of our size, but does not compromise our ability to grow. We have strengthened our balance sheet through the recent refinancing exercise. This gives us the opportunity to reinvest some of our operating cashflows into our oil and gas business to drive its profitability and sustainability, in a range of commodity price environments.
Ross Glover, Chief Executive Officer said:
"I am delighted to report that we are maintaining strong momentum in production and it remains in line with guidance at c. 2,000 boepd. We will continue to optimise oil production from our existing well stock through investment in incremental opportunities which deliver quick payback and to seek further reductions in site operating costs. Initial discussions with potential farm down partners, which should enable quicker execution of our shovel ready oil and gas projects, have been encouraging and a formal process will commence in early Q3 2024."
Last post: Sonmoon, 11 Jun 2024 20:38
Https://www.dailymail.co.uk/news/article-13509587/Labours-unrealistic-net-zero-plans-risk-plunging-Britain-darkness-blackouts-public-unrest-warns-Tory-energy-secretary-Claire-Coutinho.html
Geothermal hospital plans fit Labour's support for the NHS ?
Nice move
Good recent strength
Started: Poundstopennies, 3 Jun 2024 13:55
Last post: Goliath., 4 Jun 2024 15:17
Consolidated - Primed for move up now
Someone is having fun buying one share at a time! Not complaining,at least the share price is moving up!
Started: winklebelly, 31 May 2024 10:06
Last post: winklebelly, 31 May 2024 10:06
Star is not shining very brightly, I hope this is not a damp squib.
Last post: ID78, 30 May 2024 18:04
I just sold out of BCE yesterday, purely in for the drill excitement. Point is, they HOPE to get 900bopd. MCAP £9mill. And many on the board suggest multiples on the SP IF they can 900bopd.
Star, a few mill more MCAP, actually producing oil and more than double what BCE hope for in their wildest dreams.
SP is nuts.
Yep and it provides 17% of the total Uk onshore oil pumped, as well as 4% of the UK onshore gas.
AGM is in a few weeks, you always have a news rich period before a AGM.
Amazes me that STAR is overlooked, it’s a £100m company today, over 150 staff…..valued at £11m 🤷🏻♂️
Article from yesterday
https://noah-news.com/stoke-on-trents-district-heat-network-enters-new-phase-with-20-million-investment/?amp=1
Think news it coming soon
Avington Joint Operating Committee has now formally agreed to restart oil production at the field. Prior to its 2017 shut-in, the field had produced 0.276 million barrels of an estimated mid case of 59 million barrels of original oil in place ("OIP"), a recovery factor of only 0.47%. As the three closest similar producing fields to Avington exhibit oil recoveries of around 6-13% of the assessed OIP, potentially significant remaining recoverable oil resources lie within Avington for future exploitation.
Avington operations will recommence via a workover of Avington-3z, the field's best performing well, which came on stream in 2007 and accounts for around 81% of produced oil. 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 field was granted new planning consent in December 2021.
Started: BullorBears, 28 May 2024 11:02
Last post: BullorBears, 28 May 2024 11:02
It will be an interesting general election, Star already have a contracts with NHS and SSE for geothermal so if the torries win it will be business and usually and they will continue to develop Geothermal at the same pace.
If labour win, they will be pushing green energy and Star will be expanding quickly!!!
This is excluding the O&G business and the geothermal drilling in Croatia.
Massively undervalued, fully cashed up, great assets….no brainer at these levels.
Started: Danielm89, 24 May 2024 13:46
Last post: Danielm89, 28 May 2024 10:46
Https://au.news.yahoo.com/heat-networks-investment-opportunity-worth-073955495.html
Good job STAR are first mover on lse 😉
Started: BullorBears, 27 May 2024 18:44
Last post: BullorBears, 27 May 2024 18:44
STAR is looking better each week, chart looks primed for a move up this week.
It still amazes me the MCAP is around £11m, based on the multiple assets, SSE JV, Geothermal it should be around £200m.
Broker notes pointing towards 50p and NAV of nearly £300m, an absolute gift at these levels.
Let’s not forget Ineos hold a 50% share in some of STAR’s assets 👀
Potential 20 bagger on our hands.
Started: SEA7, 17 May 2024 14:04
Last post: Danielm89, 24 May 2024 12:47
Could be an exciting month next month
-agm (share buybacks 🤷) 5% of the company would only cost them 500k at current price
-trading update, negative net debt and a healthy cash position 2000bopd?
-Croatia forward plan and extra JV?
-Stoke green light boots on the ground
“MOU with SSE Heat Networks Ltd for a geothermal district heating project in Stoke-on-Trent”
Shares in IGas @Starenergygroup were up 92% at 36.40 pence in London on Monday (2021)
“A decision is expected in the second quarter of 2024”
Https://www.pressreader.com/uk/the-sentinel/20240316/281663964988086
Stoke about to be green lighted 😉
Hit 37p on this mou
Https://www.bnnbloomberg.ca/ina-to-spend-400-million-a-year-on-croatia-refinery-renewables-1.2076637.amp.html
Hot money piling into Croatia, be a good time to release the data from our recent drills
Loads to look forward to guys expecting 20- 30p short/medium term:
STAR being moved up
AGM next month for share buybacks
Trading update reinforcing profitable 2000bopd cash position around £7m mcap £11m
Geothermal grants
Wythenshaw £10mish
Salisbury £10mish
Stoke £20m
JVs/sales for:
Croatia (£40m plant)
Glentworth 200-2500bopd fully permitted uk onshore asset
Corringham (1billion resource) uk onshore
Bletchingley gas to wire 2mmscf
👍
Started: Poundstopennies, 20 May 2024 14:11
Last post: Poundstopennies, 20 May 2024 14:11
Well managed,making money,financing sorted and little debt!What’s not to like! I do own this share,so slightly biased!
Started: Danielm89, 17 May 2024 11:38
Last post: Danielm89, 17 May 2024 11:38
Started: jollyspeculator, 3 May 2024 15:06
Last post: jollyspeculator, 13 May 2024 17:51
No need to catch the knife
let's see what happens at 7.5p
Up more 60%, so sold a third
still hold 85k +70k shares
looking for just sub 10p for flipping sold position back
Started: Sonmoon, 3 May 2024 22:43
Last post: panman, 9 May 2024 12:40
Hope you're right but not expecting too much from the geo results myself.
They seem to have downgraded expectations there going from...
" The Ernestinovo licence has excellent data from three deep exploration wells drilled in the 1980s and would suggest high temperatures and flow rates are achievable from this well ."
along with a timeline of
" with results expected by late January 2024, "
To no update at all until the finals late April where they've simply stated
" 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"
No talk on flowrates at all let alone the promised high flow rates expected and in the Croatia ops section of the finals they try to claim that
"The primary objective of the testing programme was to secure the licence and obtain additional technical data on permeability and chemistry" which seems odd given their Dec claim that
" The Ernestinovo licence has excellent data from three deep exploration wells drilled in the 1980s"
All seems too woolly for them being about to report anything but disappointing flowrates imo.
Looking forward to the geo results coming out later this week.....should see us testing 15-20p
It has held this range really well, no dilution or cash concerns which are HUGE in this market!
Been floating around the 11-12p mark for many weeks now.
Accumulation is underway.
The next move will cause a wave of buyers as funds pile back in on geothermal results.
Better in than out on this oversold ticker.
Started: Danielm89, 25 Apr 2024 07:55
Last post: poppyweed, 1 May 2024 08:55
Was the May 2021 price mainly down to fracking upturn before the tory lobby fiasco..?
Https://x.com/theunsophistic2/status/1784909616737845520?s=46&t=4s-AQzZhMmeWz3Ire1AEsA
“MOU with SSE Heat Networks Ltd for a geothermal district heating project in Stoke-on-Trent”
Shares in IGas @Starenergygroup were up 92% at 36.40 pence in London on Monday (2021)
“A decision is expected in the second quarter of 2024”
STAR
Market Outlook
The bulls are in full control. The negative sentiment that led to the last bearish pattern has evaporated. The current price is quite distant from the confirmation level, so the probability of a bearish confirmation is very low. Besides, the signal is suggesting to STAY LONG
IGas Energy PLC on Monday said it has signed a memorandum of understanding with SSE Heat Networks Ltd for a geothermal district heating project in Stoke-on-Trent, Staffordshire.
Shares in IGas Energy were up 92% at 36.40 pence in London on Monday.
SSE as lead applicant have submitted a project change request to the GHNF, decision is expected Q2 of 2024
Now 12p with zero dilution 🤔
They key here is no dilution and funding on good terms. So many small caps raise on terrible terms and dilute shareholders over and over again.
Happy to continue to build a position here with the faith it won't get diluted.
A lot of good news in the pipeline, considerable growth, good management team, MOU with major player (SSE) and cash in the bank, interesting few weeks ahead.
Started: gogetter, 25 Apr 2024 10:47
Last post: Danielm89, 26 Apr 2024 08:00
Croatia development plan and figures next up
SSE/salisbury gov funding soon
Bletchingley shovel ready, solo farm in or sale
Glentworth 800 bopd near term farm in solo or sale
Corringham 1billion resource appraisal
Let’s gooooo
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
Started: SEA7, 24 Apr 2024 09:18
Last post: Danielm89, 24 Apr 2024 13:49
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
Started: SEA7, 24 Apr 2024 09:06
Last post: SEA7, 24 Apr 2024 09:06
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".
Started: SEA7, 24 Apr 2024 08:52
Last post: SEA7, 24 Apr 2024 08:52
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
Started: SEA7, 24 Apr 2024 08:31
Last post: Danielm89, 24 Apr 2024 08:44
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.
Started: SEA7, 24 Apr 2024 08:27
Last post: SEA7, 24 Apr 2024 08:27
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.