Star Energy Group Plc (STAR): Croatian geothermal sale (IGeoPen)
This situation live
STAR Star Energy Group Plc
24 Apr 2026 · Agreement signed; awaiting completion · +0% until the next step
Following completion, which is expected in H2 2026, management will be focused on the UK business and on those areas where the Board believes the best opportunities exist to create value for sharehold
29 Apr 2026 · Agreement signed; completion expected H2 2026 · −3% until the next step
Completion is expected in H2 2026
30 Apr 2026 · Signed; completion pending, H2 2026 per earlier statement · +42% until the next step
The transaction, which remains subject to completion, comprises initial cash consideration of €1.5 million
16 Sep 2026 · Signed; completion expected by end October · −13% until the next step
The transaction, with completion expected by the end of October, comprised initial cash consideration of €1.5 million (£1.3 million), of which Star Energy's share is €1.3 million (£1.1 million)
14 Oct 2026 · Completed 14 October 2026 · +2% since
it has completed the sale of its Croatian subsidiary IGeoPen d.o.o. ("IGeoPen") to Enna Geo d.o.o.
Croatian geothermal sale (IGeoPen)
Completed 14 October 2026
Every step · 5
- 24 Apr 2026 Agreement signed; awaiting completion – Following completion, which is expected in H2 2026, management will be focused on the UK business and on those areas where the Board believes the best... ↗
- 29 Apr 2026 Agreement signed; completion expected H2 2026 – Completion is expected in H2 2026 ↗
- 30 Apr 2026 Signed; completion pending, H2 2026 per earlier statement – The transaction, which remains subject to completion, comprises initial cash consideration of €1.5 million ↗
- 16 Sep 2026 Signed; completion expected by end October – The transaction, with completion expected by the end of October, comprised initial cash consideration of €1.5 million (£1.3 million), of which Star Energy's... ↗
- 14 Oct 2026 Completed 14 October 2026 – it has completed the sale of its Croatian subsidiary IGeoPen d.o.o. ("IGeoPen") to Enna Geo d.o.o. ↗
What is happening
Star Energy Group Plc: Croatian geothermal sale (IGeoPen) – Completed 14 October 2026. ['Completed 14 October 2026']
- In short
- Star Energy agreed in April 2026 to sell IGeoPen, its Croatian geothermal subsidiary, to Enna Geo and has now completed it, inside the earlier guidance of end October. Completion releases €5.2m restricted cash and removes licence commitments, and lets Star repay €2.7m of its Kommunalkredit loan.
- Announced
- 24 Apr 2026 · Agreement signed; awaiting completion
- Latest
- 14 Oct 2026 · Completed 14 October 2026
- Buyer
- Enna Geo d.o.o.
- Consideration
- €1.5m initial cash (Star Energy share €1.3m / £1.1m) plus earn-out of €0.5m per licence
- Cash released
- €5.2m restricted cash released
- Timing
- completion expected by end of October 2026
- Price
- €1.5m initial cash (Star Energy share €1.3m) plus earn-out of €0.5m per licence, up to €1.5m for Star
- Use of money
- Repay €2.7m (£2.3m) of Kommunalkredit facility
- Debt after repayments
- €6.9m (£6.0m) outstanding, repayable in semi-annual instalments over 2027 and 2028
- Ownership
- Star owns 71% of A14 Energy, the parent of IGeoPen; Peninsula owns 29%
Briefing
Star Energy Group Plc in 4 minutes
Star Energy Group is an AIM-listed UK company that produces oil and gas from onshore fields in England and is building a geothermal heat business. It bet on geothermal, lost ground as oil output and revenue fell,...
- Act 1The geothermal bet, funded by a new loan
- Act 2Falling output, a new CEO and a squeeze
- Act 32026: exit Croatia, raise cash, hunt for assets
From the company's own announcements. Not investment advice.
Also at Star Energy Group Plc 1 open
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Dilutive fundraisePlacing, subscription and retail offer – Completed May 2026; £8.5m net received · closed
Star Energy Group Plc – company page →