Star Energy Group PLC on Friday highlighted ‘greater flexibility’ in its plans as it reported an increased stake in A14 Energy Ltd.
London-based onshore energy firm Star Energy said it has acquired a further 20% stake in A14 Energy from its joint venture partner Peninsula International PTE Ltd, bringing its total share capital holding to 71%.
Through its Croatian subsidiary, IGeoPen doo, A14 Energy owns three geothermal waters exploration licences in the Pannonian Basin in Croatia.
Star Energy said the acquisition follows the exercising of its conversion rights under a €529,614 convertible loan agreement with Peninsula provided so Peninsula could fund its share of A14 Energy’s 2024 operating expenses.
Star Energy Chief Executive Officer Ross Glover said: ‘We are pleased to increase our stake in A14 Energy. The three licences held by A14 Energy are prospective in the Pannonian basin which has proof of concept in the 17.5 megawatt equivalent Velika Ciglena geothermal power plant.
‘Our increased stake provides us with greater flexibility in our plans to farm down an interest in the licences and to accelerate the development of our Croatian assets. The additional interest does not expose us to material additional costs in the short to medium term due to the existing carry arrangements. Peninsula will continue to provide the partnership with in-country expertise.’
Shares in Star Energy rose 2.7% to 7.60 pence on Friday morning in London.
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