New Finance Facility and Notice of Results
Star Energy is pleased to announce the closing of a new
Commenting,
"Securing this facility is an important milestone for Star Energy. It allows us to use cashflows from our existing oil and gas business to optimise near-term conventional production (with quick pay-backs) and deliver our transition strategy; namely developing and monetising our geothermal business in both the
We believe that we have particular, tangible competitive advantages in making the energy transition. We have a highly qualified team already in place and an established track record in onshore development - everything from sub-surface expertise and knowledge of planning and other environmental processes through to long-term and responsible operatorship competence. These skills are valuable in conventional and geothermal projects alike.
The size and structure of Kommunalkredit's facility evidences their confidence in Star's people and its transition strategy. Our ability to drawdown on this facility for our geothermal activities will allow this business to be positioned for longer term and sustained growth. It will also give us greater flexibility to continue to optimise the value of our entire asset portfolio, with short cycle returns."
Key Facility Terms
The new five-year
Facility A will fund the repayment of the outstanding
Facility B provides funding for Star Energy's geothermal development activities. It carries an interest rate of Euribor + 6% and has a five year term, with repayments scheduled to commence from
Notice of Results
The Company will announce results for the year to
For further information please contact:
Canaccord Genuity (Joint Corporate Broker) Tel: +44 (0)20 7523 8000
Patrick d'Ancona/
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the