IN BRIEF: Star Energy sells Croatia geothermal outfit to free up cash
Star Energy Group PLC - Lincoln, England-based energy producer in the UK - Agrees to sell subsidiary in Croatia, IGeoPen doo, to Enna Geo doo for an initial €1.5 million. IGeoPen is owned by A14 Energy Ltd, a joint venture of which Star Energy owns 71% and partner Peninsula International PTE Ltd 29%. Star Energy will receive €1.3 million of the initial proceeds.
IGeoPen holds three geothermal exploration licences in Croatia: Ernestinovo, Sjece and Pcelic. Enna Geo will pay an additional earn-out of €500,000 per license, due on the commercial operation date of a geothermal power plant developed on each licences. Star Energy would receive all €1.5 million of this.
‘Given the delay in the announcement of a premium price tariff for geothermal projects in Croatia by the Croatian government, the group believes that a sale of IGeoPen is in the best interests of its shareholders,’ Star Energy explains. ‘The transaction delivers a clear strategic refocus of the group’s portfolio, allowing management to concentrate on its core UK oil and gas and geothermal assets.’ The company notes that the deal will release €5.2 million in cash that had been restricted for capital commitments for the Croatian licences.
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