British Investor Oxley Buys Croatian Geothermal Field for €400,000

Alexander Oxley Acquires Slatina-3 Geothermal Exploration Field in Croatia

Published: November 24, 2025

In a quiet but significant move for Croatia’s emerging geothermal sector, British investor Jordan Alexander Oxley has acquired the Slatina-3 geothermal exploration field near Slatina in Virovitica-Podravina County.

The asset was previously owned by EES Dravacell Energy, a company majority-controlled by London-based Cindrigo that filed for bankruptcy earlier this year. Oxley emerged as the sole bidder in the bankruptcy sale and secured the property for €400,000, double the initial asking price of €200,000, according to bankruptcy administrator Verko Kutleša in an interview with Jutarnji list.

The transaction includes the exploration license and the existing exploration well. Bankruptcy proceedings for EES Dravacell Energy are still ongoing, but the geothermal asset has now changed hands.

Background of the Project

Cindrigo originally planned to develop a 20 MW geothermal power plant at the Slatina-3 site. The company had already invested approximately £5 million in exploration and development before announcing its withdrawal from the project exactly one year ago.

In April 2023, Cindrigo signed a framework agreement with Chinese geothermal giant Kaishan Renewable Energy to jointly develop geothermal projects across Central and Southeast Europe, with Slatina-3 designated as the partnership’s flagship project. Despite the initial momentum, financial difficulties eventually forced Cindrigo to exit.

Who is Jordan Alexander Oxley?

According to his LinkedIn profile, Oxley has been active in the geothermal industry since 2016. He currently holds several executive and strategic advisory roles in geothermal companies, with a particular focus on Iceland and other European markets. The Slatina-3 acquisition marks his entry into the Croatian geothermal landscape.

Croatia’s Growing Geothermal Momentum

The purchase comes at a time of renewed interest in Croatia’s geothermal resources:

In early November 2025, the Croatian Hydrocarbon Agency confirmed significant geothermal potential at the Vinkovci GT-1 exploration well, part of a broader program to supply geotherSubscribe to our innovative Geothermal Newsletter mal district heating to six cities and towns.

Private investor ENNA Geo completed additional production testing in August 2025 at its GTE Zagocha site, moving closer to constructing Croatia’s first commercial geothermal power plant.

With both public and private initiatives accelerating, Croatia is well positioned to become one of the leading geothermal energy producers in Southeast Europe in the coming decade.

What’s Next for Slatina-3?

Although Oxley has not yet made public statements about his plans, industry observers expect the new owner will either resume exploration activities or seek a development partner to bring the 20 MW project to fruition.

The acquisition, while modest in monetary terms, could prove strategically important as competition for high-quality geothermal resources in the Pannonian Basin intensifies.

Source: Balkan Green

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