Star Energy Group Plc announced the closing of a new ?25 million secured facility (provided by Kommunalkredit Austria AG (Kommunalkredit)) to support its transition strategy into geothermal energy and enable continued investment in the oil and gas business utilising its existing cash flows. The new five-year ?25 million secured facility matures on 31 December 2028. This unique, tailored package secured with KommunalKredit has two components - Facility A and Facility B. Facility A will fund the repayment of the outstanding USD 7 million balance on Star Energy's reserves based lending facility from BMO, which was due at the end of June 2024.

It has a fixed interest rate of 9.384% and is repayable on 30 June 2025. Facility B provides funding for Star Energy's geothermal development activities. It carries an interest rate of Euribor + 6% and has a five year term, with repayments scheduled to commence from 31 December 2025.