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Star Energy Group plc completed the cash backing of €5.2 million (£4.3 million) in performance guarantees to Tokio Marine Europe S.A., utilizing proceeds from its Kommunalkredit Austria AG facility. These guarantees, issued by Tokio Marine Europe S.A. in 2023, cover licence commitments for Star Energy's Croatian subsidiary relating to the Sječe and Pčelić exploration licences. The guarantees have a term of 5 years from 01 November 2023, and the Croatian geothermal interests are held within A14 Energy Limited, a 51% owned joint venture company.
| Date | 9 Oct 2024 |
| Time | 12:55:23 |
| Category | Miscellaneous |
| ID | 5778H |
09 October 2024
Star Energy Group plc
("Star Energy" or the "Company")
Cash backing of performance guarantees, Croatia
Star Energy announces that it has completed the cash backing of the performance guarantees of €5.2 million, issued by Tokio Marine Europe S.A. in 2023, for licence commitments of its Croatian subsidiary relating to the Sječe and Pčelić exploration licences in Croatia using the proceeds of its Kommunalkredit Austria AG facility. Star Energy's Croatian geothermal interests are within a 51% owned joint venture company, A14 Energy Limited.
The cash backing to Tokio Marine Europe S.A., totals €5.2 million (£4.3 million) and the guarantees have a term of 5 years from 01 November 2023.
For further information please contact:
Star Energy Group plc Tel: +44 (0)20 7993 9899
Ross Glover, Chief Executive Officer
Frances Ward, Chief Financial Officer
Investec Bank plc (NOMAD and Corporate Broker) Tel: +44 (0)20 7597 5970
Virginia Bull/Charles Craven
Vigo Consulting Tel: +44 (0)20 7390 0230
Patrick d'Ancona/Finlay Thomson/Kendall Hill