KIST.L

Kistos Plc
Kistos Holdings PLC - Balder Field Operational Update
13th February 2024, 07:00
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RNS Number : 9461C
Kistos Holdings PLC
13 February 2024
 

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13 February 2024

 

Home - Kistos

 

Kistos Holdings plc

("Kistos" or "the Company")

 

Balder Field Operational Update

 

Kistos (AIM: KIST), a joint venture partner in the Balder and Ringhorne oil and gas fields in Norway, notes the announcement made this morning by Var Energi ASA ("the Operator"), confirming that the upgrade of the Joutun FPSO is 90% complete and that first oil is now anticipated to be the end of Q4 2024.

 

Kistos is encouraged by recent activity, in particular the progress the Operator has made in working to convert more of the established 2C resources into sanctioned reserves through the ongoing drilling programme. The Company will continue to update the market in line with the Operator.

 

In the event that first production is not achieved until 2025, due to the structure agreed upon through the acquisition of Mime Petroleum A.S. in 2023, the economics of the acquisition mitigate any effects of a delay by reducing the contingent consideration payable by Kistos to the Mime Petroleum bondholders.

 

 

Enquiries

 

Kistos Holdings plc

Andrew Austin, Executive Chairman

 

via Hawthorn Advisors

Panmure Gordon (NOMAD, Joint Broker)

James Sinclair-Ford / Dougie McLeod

 

Tel: 0207 886 2500

Berenberg (Joint Broker)

Matthew Armitt / Ciaran Walsh

 

Tel: 0203 207 7800

Hawthorn Advisors (Public Relations Advisor)

Henry Lerwill / Simon Woods

 

Tel: 0203 745 4960

Camarco (Public Relations Advisor)

Billy Clegg

Tel: 0203 757 4983

 

 

Notes to editors

 

Kistos plc was established to acquire and manage companies in the energy sector engaging in the energy transition trend. The Company has undertaken a series of transactions including the acquisition of a portfolio of highly cash generative natural gas production assets in the Netherlands from Tulip Oil Netherlands B.V. in 2021. This was followed in July 2022, with the acquisition of a 20% interest in the Greater Laggan Area (GLA) from TotalEnergies, which includes four producing gas fields and a development project. In May 2023, Kistos completed its third acquisition, acquiring the total share capital of Mime Petroleum and its Norwegian Continental Shelf Assets. These comprise a 10% stake in the Balder joint venture spanning Balder and Ringhorne oil fields.

 

Kistos is a low carbon intensity gas producer with Estimated Scope 1 CO₂ emissions from its operated activities offshore of less than 0.01 kg/boe in 2022 (excluding necessary flaring during drilling campaigns).

 

https://www.kistosplc.com 

 

 

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