Star Energy expands stake in Croatian geothermal venture Investing.com

LONDON – Star Energy Group Plc (AIM: STAR) has announced that it has increased its ownership in A14 Energy Limited to 71% by acquiring an additional 20% from joint venture Peninsula International Pte Ltd. Promising Geothermal Sector of the Pannonian Basin in Croatia.

The acquisition was achieved by converting Star Energy’s €529,614 loan to Peninsula into shares, which was originally intended to cover Peninsula 2024 operating costs for A14 Energy. A14 Energy, through its Croatian subsidiary IGeoPen doo, has three exploration licenses for geothermal waters in the region.

The Pannonian basin where the permits are located is the 17.5 MWe Velika Ciglena geothermal power plant, which demonstrates the potential of the area for geothermal energy development. Star Energy CEO Ross Glover welcomed the increased stake, saying the company has more flexibility in its plans to grow interest in the license and accelerate the Croatian asset. He pointed out that the additional interest would not result in significant additional costs in the short to medium term due to the carrying arrangement with the peninsula.

This transaction is considered insider information under market abuse regulations, this announcement is now public. The information is based on a press release.

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