Star Energy Group PLC on Tuesday said that it has exchanged contracts for the sale of land to Pickerings Hire Ltd for a cash consideration of £6.3 million.

Star Energy is an onshore energy company, with headquarters in London.

The land, which is located at Alton, Hampshire, was formerly the site of Star Energy’s now decommissioned Holybourne Oil Terminal. As the firm explained, it is no longer being used in any group operations.

According to Star Energy, the completion of the sale is conditional on the satisfaction of planning conditions and the surrender of the site’s environmental permit.

This process is underway and is expected to occur in the first half of 2025. The proceeds will be used for the general purposes of the group.

Shares in Star Energy Group were up 37% at 9.50 pence each in London on Tuesday afternoon.

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