Star Energy mobilises drill rig to Ernestinovo

12th Dec 2023 15:52

(Sharecast News) - Star Energy announced the mobilisation of a drill rig to its recently constructed well pad on the Ernestinovo Licence in eastern Croatia on Tuesday.

The AIM-traded firm said the development came three months after it acquired Croatian geothermal interests.

It said the primary objective of the rig deployment was to re-enter the Ernestinovo-3 well, intending to test the geothermal potential of the fractured metamorphic pre-Cenozoic formation.

The well re-entry programme would be executed by Crosco - a well-established Croatian-based international drilling company known for its extensive experience conducting successful re-entries of wells within the country.

Star Energy said the operation was expected to take about one month, with results anticipated by late January, remaining in line with the planned work programme.

"We are excited to begin the well re-entry on Ernestinovo-3 - the speed with which we have constructed a well pad and commenced this operation demonstrates both the expertise of our local partners and the efficiency of the Croatian regulators," said chief executive officer Chris Hopkinson.

"The Ernestinovo licence has excellent data from three deep exploration wells drilled in the 1980s and would suggest high temperatures and flow rates are achievable from this well.

"Our UK and Croatian teams are working closely to ensure a successful operation."

At 1531 GMT, shares in Star Energy Group were up 6.38% at 8.5p.

Reporting by Josh White for Sharecast.com.