Star Energy on track to meet full-year production goal

14th Dec 2023 13:08

(Sharecast News) - Star Energy said in a trading update on Thursday that it was on course to meet its full-year production goal of 2,090 barrels of oil equivalent per day (boepd).

The AIM-traded firm said it had maintained robust uptime levels across its portfolio and had seen favourable outcomes from workovers at the Singleton site.

Furthermore, a continuous programme of well optimisation and stimulation had led to an additional production increase of around 50 boepd throughout the year.

As of 30 November, Star Energy reported cash balances of £2.9m and net debt of £2.6m.

At 1225 GMT, shares in Star Energy were down 5.25% at 7.63p.

Reporting by Josh White for Sharecast.com.