Business
Trading Update & Notice of Half Year Results
Trading Update & Notice of Half Year Results.
About this update from Star Energy Group Plc
[{"type":"text","content":"\n\n9 August 2023\nStar Energy Group plc\n(\"Star Energy\" or \"the Company\")\n \nTrading Update & Notice of Half Year Results\nStar Energy (AIM: STAR) issues the following trading and operations update in advance of the Company's half-year 2023 results, which are scheduled for release on 13 September 2023. The information contained in this statement has not been audited and may be subject to change.\n \nChris Hopkinson, Chief Executive Officer, commented:\n \n\"Production has remained strong averaging 2,080 boepd for the period, compared to 1,865 in the first half of 2022. This is fantastic progress with maximum uptime from our wells which resulted in production during the latter part of July consistently above 2,250 boepd. \nThe restructuring and rebranding of the Company which is now complete, were important steps in refocussing resource and redefining our strategic direction. \n \nWhilst we are focused on delivering further value from our existing oil and gas assets, our desire over time is to transition out of our oil and gas business and fully into geothermal bringing with us all the complementary skill sets and experience of our workforce.\nGlobally, the move to geothermal as a zero carbon source of energy continues to grow apace, and whilst we spearhead the industry in the UK, strategically we will also look more widely for geothermal opportunities to diversify our portfolio. Our approach to opportunities will be disciplined and provide the appropriate level of returns for our shareholders.\"\n \nHighlights\n \n· Average net production for the 6 months to 30 June 2023 of 2,080 boepd. Guidance remains for full year at c. 2,000 boepd.\n \n· As at 31 July 2023, cash balances were £2.7 million and net debt was £2.7 million.\n \n· Recently published Government white paper on deep geothermal energy funded by the Department for Energy Security and Net Zero (\"DESNZ\"): 'The case for deep geothermal energy - unlocking investment at scale in the UK' https://mcusercontent.com/8027fde9ba31fd5636a4f52c2/files/725a53d3-885e-c809-4a99-358d97207118/Geothermal_White_Paper_Report.pdf\n \no Report calls on government to work with industry to deliver geothermal energy and to move quickly to unlock ...