IN BRIEF: Star Energy sells Croatia geothermal outfit to free up cash

Star Energy Group PLC - Lincoln, England-based energy producer in the UK - Agrees to sell subsidiary in Croatia, IGeoPen doo, to Enna Geo doo for an initial EUR1.5 million. IGeoPen is owned by A14 Energy Ltd, a joint venture of which Star Energy owns 71% and partner Peninsula International PTE Ltd 29%. Star Energy will receive EUR1.3 million of the initial proceeds.

IGeoPen holds three geothermal exploration licences in Croatia: Ernestinovo, Sjece and Pcelic. Enna Geo will pay an additional earn-out of EUR500,000 per license, due on the commercial operation date of a geothermal power plant developed on each licences. Star Energy would receive all EUR1.5 million of this.

"Given the delay in the announcement of a premium price tariff for geothermal projects in Croatia by the Croatian government, the group believes that a sale of IGeoPen is in the best interests of its shareholders," Star Energy explains. "The transaction delivers a clear strategic refocus of the group's portfolio, allowing management to concentrate on its core UK oil and gas and geothermal assets." The company notes that the deal will release EUR5.2 million in cash that had been restricted for capital commitments for the Croatian licences.

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By Tom Waite, Alliance News editor

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