Star Energy increases A14 stake to 71pc
By Josh White
Date: Friday 03 Jan 2025
(Sharecast News) - Star Energy Group announced on Friday that it has increased its ownership stake in A14 Energy to 71%, through the acquisition of an additional 20% of the company's issued share capital from joint venture partner Peninsula International.
The AIM-traded firm, formerly known as IGas Energy, said the transaction was executed via the exercise of Star Energy's conversion rights, under a €529,614 convertible loan agreement with Peninsula.
A14 Energy, through its Croatian subsidiary IGeoPen, holds three geothermal water exploration licences in Croatia's Pannonian Basin, a region considered highly prospective for geothermal energy development.
The convertible loan provided by Star Energy had been allocated to fund Peninsula's share of A14 Energy's 2024 operating expenses.
"We are pleased to increase our stake in A14 Energy - the three licences held by A14 Energy are prospective in the Pannonian basin which has proof of concept in the 17.5MWe Velika Ciglena geothermal power plant," said Star Energy chief executive officer Ross Glover.
"Our increased stake provides us with greater flexibility in our plans to farm down an interest in the licences and to accelerate the development of our Croatian assets."
Glover said the additional interest did not expose the company to material additional costs in the short to medium term, due to the existing carry arrangements.
"Peninsula will continue to provide the partnership with in-country expertise."
At 1200 GMT, shares in Star Energy were up 6.41% at 7.87p.
Reporting by Josh White for Sharecast.com.
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