Proposed Retail Offer to raise up to £0.6 million

Star Energy (AIM: STAR), a British energy company with core activities centring on oil and gas extraction, is pleased to announce a retail offer via the BookBuild Platform (the "Retail Offer") of new Ordinary Shares of 0.002 pence each in the capital of the Company ("Ordinary Shares") to raise gross proceeds of up to £0.6 million. Pursuant to the Retail Offer, up to 4,000,000 New Ordinary Shares (the "Retail Offer Shares") will be made available at a price of 15 pence per Retail Offer Share (the "Issue Price"). The Issue Price represents a discount of 9.2 per cent. to the closing price of the Ordinary Shares on 30 April 2026, being the date of the announcement of the Placing.

In addition to the Retail Offer, the Company also conducted a placing of new ordinary shares (the "Placing Shares" at the Issue Price (the "Placing") and a subscription for new ordinary shares ("Subscription Shares" and together with the Placing Shares and the Retail Offer Shares, the "Fundraising Shares") by all the Directors of the Company at the Issue Price ("Subscription" and together with the Placing and the Retail Offer, the "Fundraising"). A separate announcement has been made regarding the Placing and its terms and the Subscription. For the avoidance of doubt, the Retail Offer is not part of the Placing or Subscription and completion of the Placing and Subscription is not conditional on the completion of the Retail Offer. Full details of the Fundraising, including the background to and reasons for the Fundraising is included in the separate announcement released by the Company at 5:00 pm on 30 April 2026.

Completion of the Retail Offer is conditional, inter alia, upon the Placing proceeding, Resolutions being duly passed by Shareholders at the General Meeting to be held at the offices of Watson Farley & Williams LLP at 15 Appold Street, London, EC2A 2HB on 18 May 2026 at 10.30am and Admission. Subject to these conditions being satisfied, Admission of the Retail Offer Shares is expected to take place at 8.00am on 19 May 2026.

For the avoidance of doubt, the Retail Offer is not part of the Placing or the Subscription and is the sole responsibility of the Company. Zeus Capital Limited, which is acting for the Company in relation to the Placing does not have any responsibilities, obligations, duties or liabilities (whether arising pursuant to any contract, law, regulation, or tort) whatsoever in relation to the Retail Offer.

Expected timetable in relation to the Retail Offer

2026

Retail Offer

The Company highly values its retail shareholder base, which has supported the Company for many years. Given this support of retail shareholders, the Company believes that it is appropriate to provide its eligible shareholders in the United Kingdom the opportunity to participate in the Retail Offer. The Company is therefore making the Retail Offer available in the United Kingdom through the Intermediaries (defined below) which will be listed, subject to certain access restrictions, on the following website:

Zeus Capital Limited ("Zeus") will be acting as retail offer coordinator in relation to the Retail Offer but does not have any other obligations or responsibilities as noted above (the "Retail Offer Coordinator").

Existing retail shareholders in the Company can contact their broker or wealth manager ("Intermediary" and "Intermediaries" shall be construed accordingly) to participate in the Retail Offer. In order to participate in the Retail Offer, each Intermediary must be on-boarded onto the BookBuild Platform and agree to the final terms and the retail offer terms and conditions, which regulate, amongst other things, the conduct of the Retail Offer on market standard terms and provide for the payment of commission to any Intermediary that elects to receive a commission and/or fee (to the extent permitted by the FCA Handbook Rules) from the Retail Offer Coordinator (on behalf of the Company).

The Retail Offer will be open to eligible investors in the United Kingdom from 7:01am on 1 May 2026. The Retail Offer is expected to close at 4:35pm on 6 May 2026. Investors should note that Intermediaries may have earlier closing times. The Retail Offer may close early if it is oversubscribed.

If any Intermediary has any questions about how to participate in the Retail Offer on behalf of existing retail shareholders, please contact the BookBuild Platform at email: support@bookbuild.live

The Retail Offer, the subject of this announcement, is and will, at all times, only be made to, directed at, and may only be acted upon by, those persons who are, existing shareholders in the Company. To be eligible to participate in the Retail Offer, applicants must meet the following criteria before they can submit an order for Retail Offer Shares: (i) be a customer of one of the participating Intermediaries listed on the above website; (ii) be resident in the United Kingdom; and (iii) be a shareholder in the Company (which may include individuals aged 18 years or over, companies and other bodies corporate, partnerships, trusts, associations and other unincorporated organisations and includes persons who hold their shares in the Company directly or indirectly through a participating Intermediary). For the avoidance of doubt, persons who (a) only hold CFDs, spreadbets and/or similar derivative instruments in relation to shares in the Company, or (b) are not existing shareholders in the Company, are not eligible to participate in the Retail Offer.

The Retail Offer is offered in the United Kingdom under an exemption from the prohibition of public offers specified in the Public Offers and Admissions to Trading Regulations 2024.

No offering document, prospectus or admission document has been or will be prepared or submitted to be approved by the Financial Conduct Authority (the "FCA") (or any other authority) in relation to the Retail Offer, and investors' commitments will be made solely on the basis of the information contained in this announcement and information that has been published by or on behalf of the Company prior to the date of this announcement by notification to a Regulatory Information Service in accordance with the FCA's Disclosure Guidance and Transparency Rules and MAR.

There is a minimum subscription of £100.00 per investor under the terms of the Retail Offer which is open to investors in the United Kingdom subscribing via the Intermediaries which will be listed, subject to certain access restrictions, on the following website:

Subject as stated above, there is no maximum application amount to apply in the Retail Offer. The terms and conditions on which investors subscribe will be provided by the relevant Intermediaries including relevant commission or fee charges.

Capitalised terms used but not defined in this announcement have the meanings given to them in the Company's announcement released at 5:00pm on 30 April 2026 in respect of the Proposed Placing to raise approximately £8.4 million (before expenses) , the Subscription to raise £-31,000 (before expenses) and Retail Offer to raise up to £0.6m (before expenses) unless the context provides otherwise.