REG - Star Energy Group - Acquisition of further Shares in Croatian Company

Star EnergyAnnouncement

03/01/2025 07:15

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250103:nRSC0613Sa&default-theme=true

RNS Number : 0613S  Star Energy Group PLC  03 January 2025

03 January 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")

 

Acquisition of further Shares in Croatian Geothermal Development Company

Star Energy announces that it has acquired a further 20% of the issued share
capital of A14 Energy Limited ("A14 Energy") from its JV partner, Peninsula
International PTE Ltd ("Peninsula"), taking its total share of the company to
71%. A14 Energy owns, via its Croatian subsidiary, IGeoPen d.o.o., three
geothermal waters exploration licences in the highly prospective Pannonian
Basin in Croatia. The acquisition follows the Group's exercise of its
conversion rights under a €529,614 convertible loan agreement with
Peninsula. The convertible loan was provided to Peninsula in order to fund its
share of 2024 operating expenses for A14 Energy.

 

Star Energy Chief Executive Officer, Ross Glover commented:

We are pleased to increase our stake in A14 Energy. The three licences held by
A14 Energy are prospective in the Pannonian basin which has proof of concept
in the 17.5MWe Velika Ciglena geothermal power plant.  Our increased stake
provides us with greater flexibility in our plans to farm down an interest in
the licences and to accelerate the development of our Croatian assets. The
additional interest does not expose us to material additional costs in the
short to medium term due to the existing carry arrangements. Peninsula will
continue to provide the partnership with in-country expertise.

 

For further information please contact:

   Star Energy Group plc                                              (mailto:info@lifesafetechnologies.com) Tel: +44 (0) 207 993 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) 207 390 0230

 Patrick d'Ancona, Finlay Thomson, Kendall Hill

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCGLGDBUXGDGUX