UK's Star Energy H1 revenue rises on higher oil prices
UK's Star Energy H1 revenue rises on higher oil prices
Overview
UK oil and gas producer's H1 revenue rose yr/yr, driven by higher oil prices
Operating cash flow before working capital movements increased to £6.0 mln
Company completed £9.1 mln fundraising and agreed sale of Croatian geothermal business
Outlook
Company expects full-year 2026 production of 1,900-1,950 boe/d
Star Energy says it is actively evaluating acquisitions but will maintain strict investment discipline
Company's UK geothermal project progress depends on securing government support and third-party capital
Result Drivers
HIGHER OIL PRICES - Revenue increase was primarily driven by higher Brent oil prices, though gains were partially offset by hedging losses and weaker USD:GBP exchange rate
PRODUCTION ISSUES - Production volumes declined due to operational and reliability issues and delay in grid connection for Singleton project
COST SAVINGS - Operating and administrative cost reductions offset inflationary increases, supporting cash flow
Company press release: ID:nRSP9010Ua
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
H1 Revenue |
| GBP 23.20 mln |
|
H1 Operating Cash Flow |
| GBP 6 mln |
|
Reuters Recommended Reads
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)