5th Dec 2007 14:30
Star Energy Group PLC05 December 2007 5th December 2007 Star Energy Group plc ("Star Energy" or the "Company") Star Energy Exercises Options on Esmond Gordon Gas Storage Project • Shareholding increased to 50% on Esmond and Gordon licences • Star Energy to become operator Following Star Energy's announcement of 23rd November 2007, the Company ispleased to announce further developments in its Esmond Gordon gas storageproject. Star Energy has entered into additional agreements with EnCore Oil plc("EnCore"), providing for future management of the gas storage project, andvarying the terms of the existing farm-out agreements already in place withEnCore. Star Energy has now exercised its options, and after completion of theregulatory process, will hold 50 per cent. in the decommissioned gas fields,Esmond and Gordon, located on southern North Sea blocks 43/13a and 43/15a & 43/20a respectively, and will assume operatorship of both fields. The effect of the variations to the farm-out agreements is that EnCore willretain a 75 per cent. interest in the Forbes field and licence, and theconditions in respect of Star Energy's option to acquire an interest in Gordonhave been relaxed to enable this option to be exercised immediately, with noadditional consideration. - Ends - Enquiries: Star Energy - 020 7925 2121Roland Wessel, Chief ExecutiveColin Judd, Finance Director Hoare Govett - Nominated Advisor and Joint Broker - 0207 678 7106Andrew Foster Citi - Joint Broker - 0207 986 0505Andrew Chapman Financial Dynamics - 020 7831 3113Ben Brewerton/Edward Westropp This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Star Energy