5 June 2024
Star
Energy Group plc (AIM: Star) ("Star Energy" or "the
Company")
Directorate Change and Withdrawal of Resolution
The Board of Star Energy announces
that it has today appointed Ross Glover to the role of Chief
Executive Officer (CEO), with the intention of appointing him to
the Board of Directors with effect from the conclusion of the
Company's Annual General Meeting (AGM) on 12 June 2024. Chris
Hopkinson will step down from the Board and his CEO position with
immediate effect.
The Board of Star Energy recognises
the significant contribution that Chris has made during his tenure
at the Company since 2022, including charting a course through a
period of internal group reorganisation, raising the sustainable
level of production in its conventional oil and gas activities and
taking a number of important steps to position the Company for the
Energy Transition.
Chris Hopkinson will not be standing
for re-election at the Company's AGM to be held on Wednesday 12
June 2024. As the Company's Notice of AGM has already been issued,
the Company confirms that the resolution to re-elect Chris
Hopkinson as a Director of the Company (Resolution 3) is now
withdrawn.
The withdrawal of Resolution 3 does
not otherwise affect the validity of the Notice of AGM, the proxy
form or any proxy votes already submitted on other proposed
resolutions. The numbering of all other proposed resolutions at the
AGM will remain unchanged.
After the successful €25 million
refinancing of the Group announced in April 2024 the Company is
entering a new phase. Over the past 18 months, oil and gas
production has been stabilised and the focus will now pivot towards
improving the efficiency and increasing the profitability of the
oil and gas business. The Company optimises the use of all
its assets within its existing businesses and will actively
re-purpose them as appropriate to maximise returns as part of the
energy transition. We are well positioned to capitalise on our
geothermal growth opportunities in both the UK and
Croatia.
Commenting Non-executive Chairman,
Philip Jackson said:
"During his time at Star Energy,
Chris has made a significant contribution to the development of the
Company and I wish him all the best for the future.
I am delighted to welcome Ross both
as a new board member and to his new role as CEO. We are looking
forward to working closely with him and the wider team to deliver
the next chapter of Star Energy's development. Ross has been with
the Company since 2017 and has been its Chief Operating Officer
since September 2022. He has great drive and commitment to continue
growing the Company's profitability and future successful
transition."
Chris Hopkinson
added:
"I have enjoyed my time at Star
Energy and am proud of the changes over which I have been able to
preside. We have raised production substantially since I took over
in September 2022. The time has however come for me to pass on the
reins to Ross in whom I have great confidence to carry on what I
have started."
Regulatory disclosures
The following information is
disclosed pursuant to Rule 17 and Schedule Two paragraph (g) of the
AIM Rules for Companies:
Ross David Hamilton Glover, aged 49,
holds 168,922 ordinary shares in Star Energy Group plc. He has been
a director or partner of the following companies or partnerships
during the five years preceding the date of this
announcement:
Current
Directorships
A14 Energy Limited
GT Energy Croatia Limited
GT Energy UK Limited
Past
Directorships (in the last five years)
None
Star Energy confirms that there are no other
disclosures to be made pursuant to Rule 17 and
Schedule Two paragraph (g) of the
AIM Rules for Companies with respect to Ross
Glover.
For
further information please contact:
Star Energy Group plc
Tel: +44 (0)20 7993
9899
Philip Jackson Non-executive
Chairman
Ross Glover, Chief Executive
Officer
Ann-marie Wilkinson, Chief of
Staff
Investec Bank plc (NOMAD and Joint Corporate
Broker) Tel: +44
(0)20 7597 5970
Virginia Bull/Charles
Craven
Canaccord Genuity (Joint Corporate
Broker)
Tel: +44 (0)20 7523 8000
Henry Fitzgerald O'Connor/Adam
James/James Asensio
Vigo Consulting
Tel: +44 (0)20 7390 0230
Patrick d'Ancona/Finlay
Thomson/Kendall Hill