Reserves & Resources Update

Star Energy Group PLC

12 February 2024

 

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: [phone]

Ann-marie Wilkinson, Chief of Staff

Investec Bank plc (NOMAD and Joint Corporate Broker) Tel: [phone]

Virginia Bull/Chris Sim/Charles Craven

Canaccord Genuity (Joint Corporate Broker) Tel: [phone]

Henry Fitzgerald-O'Connor/James Asensio

Vigo Consulting                Tel: [phone]

Patrick d'Ancona/Finlay Thomson/Kendall Hill

 

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