Star Energy Group PLC Croatian Geothermal Licencing Round Update (5943O)
04 Oktober 2023 - 8:00AM
UK Regulatory
TIDMSTAR
RNS Number : 5943O
Star Energy Group PLC
04 October 2023
4 October 2023
Star Energy Group plc ("Star Energy" or "the Company" or "the
Group")
Croatian Geothermal Licencing Round Update
Star Energy (AIM:STAR) is pleased to announce its Croatian
subsidiary* has been issued with two highly prospective geothermal
licences by the Croatian Hydrocarbon Agency, as part of the current
licencing round announced on 28 December 2022.
The two licences, each with an initial five year exploration
term, Sječe and Pčelić, are located in the Drava depression
geological region (the southwestern area of the Pannonian basin),
the same region in which its recently acquired Ernestinovo licence
is located. The licence commitments are to drill four and three
wells respectively, however given the density of existing data on
the licences, it is expected that only the first well on each
licence will be an exploration/appraisal well.
Sječe Licence
A 32km(2) licence, located in north-eastern Croatia within the
Drava Depression of the Pannonian basin the licence has 356km of 2D
seismic, c.20km(2) of 3D seismic data. Nine exploration wells have
been drilled and up to three different hot water reservoirs
identified.
Initial appraisal demonstrates that a 15-25MWe (one million
watts of electric capacity) powerplant is feasible, with an
attractive NPV and IRR in the high teens.
Pčelić Licence
A 32km(2) licence, located in northern Croatia within the Drava
Depression of the Pannonian basin, the licence has 262km of 2D
seismic and two exploration wells drilled. Measured temperatures at
the bottom of the two exploration wells were 196 C (Pče-1) and 207
C (Pče-1AL).
Initial appraisal demonstrates that a 20-30MWe powerplant is
feasible with similar NPV and IRR as Sječe.
The Croatian Minister of Economy and Sustainable Development ,
Davor Filipović commented:
"Activating geothermal potential is a significant step towards
increasing energy production on Croatian soil. In addition to
increasing the security of our state by increasing our own energy
production from renewable, clean sources, activating geothermal
potential brings a number of benefits to the economy. Geothermal
potential is becoming a resource that will play a significant role
in creating energy independence and sufficiency of the Republic of
Croatia. "
Commenting, CEO Chris Hopkinson, said:
" We are very pleased to be have been issued these two highly
prospective licences. Now with a portfolio of three licences,
including Ernestinovo, we have demonstrated that our Croatian Joint
Venture is well positioned to be a key player in delivering
Geothermal Energy in Croatia in line with the local Government's
targets. We have already commenced with preparing the site for our
first well re-entry on Ernestinovo and look forward to commencing
work on these two licences ."
* Star Energy's Croatian geothermal interests are within a 51%
owned joint venture company, A14 Energy.
For further information please contact:
Star Energy Group plc Tel: +44 (0)20 7993 9899
Chris Hopkinson, Chief Executive Officer
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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