LONDON - Star Energy Group PLC (AIM: STAR) announced today that it has increased its ownership in A14 Energy Limited to 71% by acquiring an additional 20% from its joint venture partner Peninsula International PTE Ltd. This strategic move enhances Star Energy's position in the promising geothermal sector of the Pannonian Basin in Croatia.
The acquisition is a result of Star Energy converting a €529,614 loan provided to Peninsula into shares, a loan which was originally intended to cover Peninsula's 2024 operational costs for A14 Energy. A14 Energy, through its Croatian subsidiary IGeoPen d.o.o., holds three exploration licenses for geothermal waters in the region.
The Pannonian Basin, where the licenses are located, is already home to the 17.5MWe Velika Ciglena geothermal power plant, demonstrating the area's potential for geothermal energy development. Ross Glover, CEO of Star Energy, expressed satisfaction with the increased stake, stating that it allows the company more flexibility in its plans to farm down an interest in the licenses and to expedite the development of its Croatian assets. He also noted that the additional interest does not entail significant extra costs in the short to medium term due to the existing carry arrangements with Peninsula, which will continue to offer local expertise to the partnership.
This transaction is considered to be inside information under the Market Abuse Regulations, which is now public following this announcement. The information is based on a press release statement.
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