Star Energy Group PLC Drill Rig Mobilised to Ernestinovo Licence (4111W)
December 12 2023 - 1:00AM
UK Regulatory
TIDMSTAR
RNS Number : 4111W
Star Energy Group PLC
12 December 2023
12 December 2023
Star Energy Group plc
("Star Energy" or "the Company" or "the Group")
Drill Rig Mobilised to Ernestinovo Licence, Croatia
Star Energy (AIM:STAR) is pleased to announce that a drill rig
has been mobilised to a recently constructed well pad on its
Ernestinovo Licence in Eastern Croatia, three months after the
acquisition of its Croatian Geothermal interests. The rig will
re-enter the Ernestinovo-3 well to test the geothermal potential of
the fractured metamorphic pre-Cenozoic formation.
Crosco is conducting the well re-entry programme. They are a
highly experienced Croatian based international drilling company
and have conducted the successful re-entry of a number of wells in
country.
The operation is likely to continue for approximately one month,
with results expected by late January 2024, on schedule with the
planned work programme.
Commenting, CEO Chris Hopkinson, said:
" We are excited to begin the well re-entry on Ernestinovo-3.
The speed with which we have constructed a well pad and commenced
this operation demonstrates both the expertise of our local
partners and the efficiency of the Croatian regulators. The
Ernestinovo licence has excellent data from three deep exploration
wells drilled in the 1980s and would suggest high temperatures and
flow rates are achievable from this well . Our UK and Croatian
teams are working closely to ensure a successful operation. "
The Ernestinovo Development Project
Based on preliminary heat reserves and well productivity
estimates, the Company's internal assessment forecasts the
potential for a first phase development of a 10 MW electricity
generation plant utilising five to six wells producing and
re-injecting geothermal brine.
The proposed plant would connect into the Ernestinovo HOPS
substation - a major substation with 400kV transmission lines to
the national grid, Hungary, Serbia and Bosnia, and local
distribution lines at 110 kV and 85kV - and sell electricity on
either a market premium arrangement (CfD) or bilaterally.
For further information please contact:
Star Energy Group plc Tel: +44 (0)20 7993 9899
Chris Hopkinson, Chief Executive Officer
Ann-marie Wilkinson, Chief of Staff
Investec Bank plc (NOMAD and Joint Corporate Broker) Tel: +44
(0)20 7597 5970
Virginia Bull/Chris Sim/Charles Craven
Canaccord Genuity (Joint Corporate Broker) Tel: +44 (0)20 7523
8000
Henry Fitzgerald-O'Connor/James Asensio
Vigo Consulting Tel: +44 (0)20 7390 0230
Patrick d'Ancona/Finlay Thomson/Kendall Hill
Star Energy's Croatian geothermal interests are within a 51%
owned joint venture company, A14 Energy.
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END
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