(Alliance News) - Star Energy Group PLC on Tuesday outlined plans to test the geothermal potential of its recent acquisition in Croatia, after mobilising a drill rig to the Ernestinovo licence.
The London-based onshore energy company, formerly known as Igas Energy PLC, said that the rig will re-enter the Ernestinovo-3 well in Eastern Croatia to test the geothermal potential of the "fractured metamorphic pre-Cenozoic formation".
The drilling operation, which is being conducted by Crosco Integrated Drilling & Well Services Co Ltd, should last for a month.
Star Energy expects to receive results by late January, on schedule with the planned work programme.
"We are excited to begin the well re-entry on Ernestinovo-3. The speed with which we have constructed a well pad and commenced this operation demonstrates both the expertise of our local partners and the efficiency of the Croatian regulators," said Chief Executive Officer Chris Hopkinson.
"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. Our UK and Croatian teams are working closely to ensure a successful operation."
Star Energy shares were up 0.1% at 8.00 pence each in London on Tuesday afternoon.
By Holly Beveridge, Alliance News reporter
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