REG - Star Energy Group - Reserves & Resources Update

Star EnergyAnnouncement

12/02/2024 07:00

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RNS Number : 7308C  Star Energy Group PLC  12 February 2024

12 February 2024

Star Energy Group plc (AIM: STAR) ("Star Energy" or "the Company")

 

Reserves & Resources Update

Star Energy is pleased to announce an updated Competent Persons Report (CPR)
for its conventional oil and gas interests.  The CPR was carried out by
DeGolyer & MacNaughton (D&M), an independent third-party auditor.

Key highlights

Net Reserves & Contingent Resources as at 31 Dec 2023 (MMboe).

                                              1P      2P      2C
 Reserves & Resources as at 31 Dec 2022       11.17   17.04   18.72
 Production during the period                 (0.71)  (0.71)  -
 Additions & revisions during the period      1.25    1.14    (0.13)
 Reserves & Resources as at 31 Dec 2023       11.71   17.47   18.59

*Oil price assumption of c.$72/bbl for 5 years, then inflated at 2-3% p.a.
from 2028 to 2050

·    1P NPV10 of $143 million(2021: $144 million)

·    2P NPV10 of $235 million (2021: $215 million)

The full report will be uploaded to
https://www.starenergygroupplc.com/investors/reports-publications-presentations/

Qualified Person's Statement

 

Marie Dransfield, Technical Director of Star Energy Group plc, and a qualified
person as defined in the Guidance Note for Mining, Oil and Gas Companies, June
2009 as updated 21 July 2019, of the London Stock Exchange, has reviewed and
approved the technical information contained in this announcement. Mrs
Dransfield has 19 years' oil and gas exploration and production experience.

For further information please contact:

Star Energy Group plc                    Tel: +44 (0)20
7993 9899

Ann-marie Wilkinson, Chief of Staff

 

Investec Bank plc (NOMAD and Joint Corporate Broker) Tel: +44 (0)20 7597 5970

Virginia Bull/Chris Sim/Charles Craven

 

Canaccord Genuity (Joint Corporate Broker) Tel: +44 (0)20 7523 8000

Henry Fitzgerald-O'Connor/James Asensio

 

Vigo Consulting                Tel: +44 (0)20 7390 0230

Patrick d'Ancona/Finlay Thomson/Kendall Hill

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