Star Energy Group plc provides a trading and operations update ahead of its half-year 2023 results. The company's CEO, Chris Hopkinson, highlights that production has remained strong, averaging 2,080 barrels of oil equivalent per day (boepd) for the period, compared to 1,865 boepd in the first half of 2022. The company has completed the restructuring and rebranding process, refocusing its resources and redefining its strategic direction. While Star Energy aims to deliver further value from its existing oil and gas assets, its long-term goal is to transition fully into geothermal energy. The company plans to diversify its portfolio by exploring geothermal opportunities globally. Star Energy's approach to opportunities will be disciplined and focused on providing appropriate returns for shareholders.
Key highlights include:
- Average net production for the first half of 2023 was 2,080 boepd, with full-year guidance remaining at approximately 2,000 boepd.
- As of July 31, 2023, the company had cash balances of £2.7 million and net debt of £2.7 million.
- The recently published government white paper on deep geothermal energy funded by the Department for Energy Security and Net Zero (DESNZ) highlights the potential of geothermal energy to drive towards net zero and decarbonize the NHS. The report calls on the government to work with the industry to unlock the potential of geothermal energy.
This announcement contains inside information and can be accessed for further information by contacting Star Energy Group plc.