t
Star Energy Group PLC announced an updated Competent Persons Report (CPR) for its conventional oil and gas interests on 12 February 2024, prepared by independent auditor DeGolyer & MacNaughton, with an effective date of 31 December 2023. The report stated Net Reserves & Contingent Resources as at 31 December 2023 of 11.71 MMboe for 1P, 17.47 MMboe for 2P, and 18.59 MMboe for 2C, alongside 1P NPV10 of $143 million and 2P NPV10 of $235 million.
| Date | 12 Feb 2024 |
| Time | 07:00:07 |
| Category | Corporate updates |
| ID | 7308C |
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