Star Energy Group plc (AIM: STAR) has released an updated Competent Persons Report (CPR) for its conventional oil and gas interests, conducted by independent third-party auditor DeGolyer & MacNaughton (D&M). The report highlights a positive growth in net reserves and contingent resources as of 31 December 2023, showcasing the company's continued progress in this sector.
The report indicates that the 1P, 2P, and 2C reserves and resources as of 31 December 2023 have increased from the previous year. Notably, the 1P NPV10 is reported at $143 million, while the 2P NPV10 stands at $235 million. These figures demonstrate the company's strong financial standing and potential for future growth in the oil and gas sector.
Marie Dransfield, Technical Director of Star Energy Group plc, and a qualified person as defined by the London Stock Exchange, has reviewed and approved the technical information contained in the announcement. Mrs. Dransfield's extensive 19 years' experience in oil and gas exploration and production adds credibility to the report's findings.
For further details, the full report will be available on the company's website. Interested parties can also reach out to the company directly for additional information.
In conclusion, Star Energy Group plc's latest reserves and resources update reflects positive growth and potential in its conventional oil and gas interests, as indicated by the increase in net reserves and contingent resources. The company's strong financial standing, as demonstrated by the 1P NPV10 of $143 million and 2P NPV10 of $235 million, positions it well for future success in the oil and gas sector.