Star Energy Group Plc

STAR · AIM · Energy · mcap £39m · 20.5p 1 open situation →

Star Energy produces about 1,900 barrels of oil equivalent a day from UK oil and gas fields. It also has UK geothermal heat development projects.

Target	Promise	Said	Status
2024
FY 2024	Cash capex in 2024 of £5.5m, later guided to £7.7m	24 Apr 2024	✗ Missed · target changed
	“Net cash capex for FY 2024 expected to be £7.7 million” Also stated 18 Sep 2024 How it developed 24 Apr 2024 Said “We anticipate cash capex of £5.5 million in 2024 which includes near-term incremental projects with short cycle returns” 18 Sep 2024 ↻ Changed / dropped “£3.0 million of cash capex incurred during the six months to 30 June 2024. Net cash capex for FY 2024 expected to be £7.7 million, primarily relating to our...” 18 Sep 2024 Said “Net cash capex for FY 2024 expected to be £7.7 million” 24 Feb 2025 ↻ Changed / dropped “The Company invested £5.6 million in its oil and gas assets during 2024 including upgrades and a pipeline replacement at its Gainsborough site, optimisation...” Result Guidance rose to £7.7m in September 2024; actual 2024 capex was £5.6m, so neither figure was matched exactly. “£3.0 million of cash capex incurred during the six months to 30 June 2024. Net cash capex for FY 2024 expected to be £7.7 million, primarily relating to our conventional assets.”18 Sep 2024 · Half-year Results “The Company invested £5.6 million in its oil and gas assets during 2024 including upgrades and a pipeline replacement at its Gainsborough site, optimisation projects across its portfolio to offset declines, rationalisation and decommissioning at its Holybourne site and general improvements across its fields.”24 Feb 2025 · Trading Update
Q3 2024	Start formal farm-down process with potential partners in early Q3 2024	12 Jun 2024	✗ Missed · target changed
	“a formal process will commence in early Q3 2024” How it developed 12 Jun 2024 Said “a formal process will commence in early Q3 2024” 20 Oct 2026 ↻ Changed / dropped Result Not mentioned in the 4 results reports since the deadline (Q3 2024) – treated as dropped.
2025
FY 2025	Net production of about 2,000 boe/d in 2025	24 Feb 2025	✗ Missed
	“We anticipate net production of c.2,000 boepd and operating costs of c.$40/boe (assuming an average exchange rate of £1:$1.27) in 2025” Also stated 29 Apr 2025 · 16 Sep 2025 How it developed 24 Feb 2025 Said “The Company anticipates production of c.2,000 boe/d in 2025” 29 Apr 2025 Said “We anticipate net production of c.2,000 boepd and operating costs of c.$40/boe (assuming an average exchange rate of £1:$1.27) in 2025” 16 Sep 2025 Said “Full year production is expected to be c.2,000 boe/d, in line with our previous guidance.” 25 Feb 2026 ✗ Missed “Net production for 2025 averaged 1,886 boe/d; the Company anticipates production of c.2,000 boe/d in 2026, supported by a flexible capital programme focused...” Result 2025 production was 1,886 boe/d, described as below expectations. “Net production for 2025 averaged 1,886 boe/d; the Company anticipates production of c.2,000 boe/d in 2026, supported by a flexible capital programme focused on quick-return, cost-saving and resilience projects.”25 Feb 2026 · Trading Update
FY 2025	2025 capex of about £11m, later guided to £8.4m	24 Feb 2025	✗ Missed · target changed
	“Net cash capex for FY 2025 is expected to be £8.4 million, primarily relating to our conventional assets.” How it developed 24 Feb 2025 Said “Capital expenditure forecast 2025 c£11.0 million” 16 Sep 2025 ↻ Changed / dropped “Net cash capex for FY 2025 is expected to be £8.4 million, primarily relating to our conventional assets.” 16 Sep 2025 Said “Net cash capex for FY 2025 is expected to be £8.4 million, primarily relating to our conventional assets.” 25 Feb 2026 ↻ Changed / dropped “£5.3 million invested in oil and gas assets in 2025, including £2.7 million on the Singleton gas-to-wire project and the remainder on production...” Result Guidance cut to £8.4m in September 2025; oil and gas investment in 2025 was £5.3m. “Net cash capex for FY 2025 is expected to be £8.4 million, primarily relating to our conventional assets.”16 Sep 2025 · Half-year Results “£5.3 million invested in oil and gas assets in 2025, including £2.7 million on the Singleton gas-to-wire project and the remainder on production optimisation and plant upgrades.”25 Feb 2026 · Trading Update
Today · 20 Oct 2026
2026
early October 2026	Singleton gas-to-wire project online, adding about 74 boe/d, first expected mid-2025 then late 2025	18 Sep 2024	✗ Missed
	“targeting Q2 2026 start-up; forecast production c.74 boe/d” Also stated 29 Apr 2025 · 16 Sep 2025 · 25 Feb 2026 · 16 Sep 2026 How it developed 18 Sep 2024 Said “First production is currently expected in early October 2026” 24 Feb 2025 Said “The project, which satisfies the regulatory requirements for the facility, now has planning consent and a secured grid connection.” 29 Apr 2025 Said “with a first export of electricity from the site expected late 2025” 16 Sep 2025 Said “we expect the project go live date to be delayed into 2026.” 25 Feb 2026 Said “targeting Q2 2026 start-up; forecast production c.74 boe/d” 29 Apr 2026 Said “which is forecast to come online in H1 2026 with production of 74 boe/d” 16 Sep 2026 ✗ Missed “Progress continued on the Singleton project, which is expected to add approximately 74 boepd of incremental production and materially reduce routine flaring...” 16 Sep 2026 Said “First production is currently expected in early October 2026” Result Start-up slipped from mid-2025 to late 2025, then Q2/H1 2026, then early October 2026. “Progress continued on the Singleton project, which is expected to add approximately 74 boepd of incremental production and materially reduce routine flaring at the site. We are working closely with the Distribution Network Operator to complete the final stages of the grid connection, following which final commissioning will be undertaken. First production is currently expected in early October 2026.”16 Sep 2026 · Half-year Results
FY 2026	Net production of about 2,000 boepd in 2026	29 Apr 2026	✗ Missed · target changed
	“We anticipate net production of c.2,000 boepd and operating costs of c.$44/boe in 2026” Also stated 30 Apr 2026 · 16 Sep 2026 How it developed 29 Apr 2026 Said “We anticipate net production of c.2,000 boepd and operating costs of c.$44/boe in 2026” 30 Apr 2026 Said “2026 production guidance of approximately 2,000 boepd” 16 Sep 2026 Said “Full year production is expected to be between 1,900-1,950 boe/d” Result Guidance lowered to 1,900-1,950 boe/d in September 2026; H1 production was 1,866 boe/d. 16 Sep 2026 · Half-year Results