REG - Star Energy Group - 2025 Annual General Meeting Trading Update

Star EnergyAnnouncement

19/06/2025 07:00

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RNS Number : 4730N  Star Energy Group PLC  19 June 2025

This information communicated within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No.
596/2014 as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the
Company's obligations under Article 17 of MAR. Upon the publication of this
announcement, this inside information is now considered to be in the public
domain.

 

Star Energy Group plc (AIM: Star)

("Star Energy" or "the Company")

2025 Annual General Meeting ("AGM") Trading Update

Star Energy today provides the following trading update in advance of the
Company's AGM, which is being held at 10.30 am today.

Highlights

·    Production remains in line with full year guidance at c. 2,000 boepd

·    As at 31 May 2025, cash balances were £10.5m and net debt was
£1.9m. On track to repay Facility A (€6.7m) by end June 2025

·    We have the following hedging in place:

 

 

 

·    Capex of c£10m including £5.8m on the Singleton gas-to-wire
project.

·   Continuing the expansion of our UK geothermal pipeline with MoUs being
signed with Bring Energy, to decarbonise and extend the existing Southampton
District Heat Network, and Veolia.

·   Croatia geothermal portfolio is being matured through the establishment
of the exploitation field withini the Ernestinovo licence and through
technical de-risking of the Sječe and Pčelić licences.

Ross Glover, Chief Executive Officer, said:

"The core of our strategy is simple: to create value for shareholders through
disciplined execution, cash generation, and the creation of long-term growth
opportunities.

The past few years - and especially recent global events - have made clear the
strategic value of secure, domestic energy production. UK-produced oil and gas
are not just geopolitical necessities; they can increase our industrial
competitiveness, improve economic resilience, and build geopolitical
independence. Our onshore operations provide safe, reliable, domestic energy
with local economic benefits - and they generate the cash flow that underpins
our reinvestment and shareholder return potential.

We are focused on optimising our existing producing assets, seeking to reduce
operating costs whilst future proofing the operations and maintaining our
strong HSE record.

At the same time, we are executing on our long-term growth platform:
geothermal energy.

The UK geothermal sector is underdeveloped, but the demand drivers  heat
decarbonisation, energy security, and long-term predictable pricing  are all
intensifying. Our early entry and technical know-how give us a strong
competitive edge. Our pipeline of private and public sector projects is
growing, and we are working with credible partners like the NHS, Veolia and
Bring Energy to mature the pipeline.

In Croatia, we benefit from a supportive regulatory and investment climate for
geothermal. Our licenses cover prospective areas, and we are finalising
technical de-risking to enable phased development. The Croatian market offers
access to scalable power opportunities in a jurisdiction that welcomes clean
energy investment capital.

As we look ahead, our value creation strategy remains clear and focused:

·   Maximise cash returns from UK oil and gas operations to fund growth and
improve financial resilience

·   Grow a high-quality geothermal platform with scalable, de-risked
opportunities in the UK and Croatia

·    Maintain capital discipline and agility, with focus on value
creation

We are uniquely positioned to deliver value from cash-generative UK oil and
gas operations, while building a diversified energy business that can thrive
in multiple market scenarios. Our geothermal activities are not a pivot away
from hydrocarbons  they are a logical, deployment of our core strengths in
subsurface, permitting, and infrastructure development into a growth area.

This is about building a broader, more resilient business  one that can
generate sustainable returns across energy cycles and policy environments.
Thank you to our shareholders for your continued support. Everything we are
doing is focused on protecting and growing shareholder value."

For further information please contact:

 

Star Energy Group plc

Tel: +44 (0)20 7993 9899

Ross Glover, Chief Executive Officer

Frances Ward, Chief Financial Officer

 

Zeus (Nominated Adviser & Broker)

Tel: +44 (0)203 829 5000

Antonio Bossi, Alexandra Campbell-Harris (Investment Banking)

Simon Johnson (Corporate Broking)

 

Vigo Consulting

Tel: +44 (0)207 597 5970

Patrick d'Ancona/Finlay Thomson/Kendall Hill

 

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