LONDON – Star Energy Group PLC (AIM: STAR) today announced 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 strengthens Star Energy’s position in the promising geothermal sector in Croatia’s Pannonian Basin.
The acquisition was the result of Star Energy converting into shares a €529,614 loan made to Peninsula, a loan that was originally intended to cover Peninsula’s 2024 operating costs of A14 Energy. A14 Energy, through its Croatian subsidiary IGeoPen doo, holds three licenses to explore geothermal water in the area.
The Pannonian Basin, where the licenses are located, is already home to the 17.5 MW Velika Siglina geothermal power plant, demonstrating the region’s potential for geothermal development. Star Energy CEO Ross Glover expressed satisfaction with the stake increase, noting that it allows the company more flexibility in its plans to reduce interest in licenses and accelerate the development of its Croatian assets. He also noted that the additional interest does not entail significant additional costs in the short to medium term due to existing transportation arrangements with Peninsula, which will continue to provide local expertise to the partnership.
This transaction is considered inside information under the Market Abuse Regulations, which are now public following this announcement. Information is based on a press release.
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2025-01-03 07:06:00
