12 February 2024
Star Energy Group
plc (AIM: STAR) ("Star Energy" or "the Company")
Reserves & Resources
Update
Star Energy is pleased to announce
an updated Competent Persons Report (CPR) for its conventional oil
and gas interests. The CPR was carried out by DeGolyer &
MacNaughton (D&M), an independent
third-party auditor.
Key highlights
Net Reserves & Contingent
Resources as at 31 Dec 2023 (MMboe).
|
|
1P
|
2P
|
2C
|
|
Reserves & Resources as at
31 Dec 2022
|
11.17
|
17.04
|
18.72
|
|
Production during the
period
|
(0.71)
|
(0.71)
|
-
|
|
Additions & revisions during the
period
|
1.25
|
1.14
|
(0.13)
|
|
Reserves & Resources as at 31
Dec 2023
|
11.71
|
17.47
|
18.59
|
*Oil price assumption of c.$72/bbl
for 5 years, then inflated at 2-3% p.a. from 2028 to
2050
·
1P NPV10 of $143 million(2021: $144
million)
·
2P NPV10 of $235 million (2021: $215
million)
The full report will be uploaded to
https://www.starenergygroupplc.com/investors/reports-publications-presentations/
Qualified Person's
Statement
Marie Dransfield, Technical Director
of Star Energy Group plc, and a qualified person as defined in the
Guidance Note for Mining, Oil and Gas Companies, June 2009 as
updated 21 July 2019, of the London Stock Exchange, has reviewed
and approved the technical information contained in this
announcement. Mrs Dransfield has 19 years' oil and gas exploration
and production experience.
For further
information please contact:
Star Energy
Group
plc
Tel: +44 (0)20 7993 9899
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