Business
Interim Results
Interim Results.
About this update from Star Energy Group Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n13 September 2023\nStar Energy Group plc (AIM: STAR)\n(\"Star Energy\" or \"the Company\" or \"the Group\")\nUnaudited Interim results for the six months ended 30 June 2023\nStar Energy announces its unaudited interim results for the six months to 30 June 2023.\n \nCommenting today Chris Hopkinson, Chief Executive Officer, said:\n \n\"We have delivered a strong operating performance in the first half with average net production of 2,071 boepd compared to 1,865 in 2022. We are working hard to reduce our operating costs where possible, in the face of general cost inflation and ever-increasing regulatory overburden.\nMaximising returns from our conventional oil and gas business remains a key focus for us, given its free cash generation, particularly with improving commodity prices. That, coupled with decades of experience of sub-surface analysis, onshore drilling, well management and environmental control from our portfolio will play a key role in our geothermal development.\nThe global potential for geothermal, as a zero carbon source of energy, is clear.\n \nIn the UK we are building a material pipeline of business opportunities in both the private and public sector. The recently released Government commissioned white paper, produced by the British Geological Survey (BGS) and ARUP, highlights the significant opportunity that exists to decarbonise the NHS estate and we have already won tenders for two NHS Trusts in Manchester and Salisbury.\nThe recent acquisition in Croatia represents a significant opportunity to accelerate our development and enables us to diversify into geothermal electricity generation. The Croatian Government is highly supportive and the electricity market is liberalised and well established offering an attractive market premium (CfD) for a 12 year period.\nThis is an important next step in our strategy to transition, over time, into a significant player in the geothermal market and to deliver future value for our shareholders.\"\n \n \nResults Summary\n\n\n\n\n \n\n\nSix months to 30 June 2023\n£m\n\n\nSix months to\n30 June 2022\n£m\n\n\n\n\nRevenues\n\n\n23.8\n\n\n30.5\n\n\n\n\nAdjusted EBITDA*\n\n\n9.4\n\n\n10.7\n\n\n\n\nOperating cash flow before working capital movements and realised hedges*\n\n\n8.5\n\n\n...