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(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."
Shares in Star Energy were down 0.7% at 11.00 pence each in London on Wednesday morning.
By Sabrina Penty, Alliance News reporter
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