Kistos PLC Operational Update (3115S)
15 November 2021 - 6:00PM
UK Regulatory
TIDMKIST
RNS Number : 3115S
Kistos PLC
15 November 2021
Kistos plc
("Kistos" or the "Company")
Operational update
Kistos (LSE: KIST), the low carbon intensity energy producer
pursuing a strategy to acquire assets with a role in energy
transition, is pleased to announce that that Borr Drilling's
Prospector-1 jack-up drilling rig has left the Q10-A field (Kistos
60%) and arrived on location at the Q11-B discovery (Kistos 60%) .
The spudding of the appraisal well is expected later this week.
The Q11-B appraisal well represents the concluding planned
activity in our 2021 drilling campaign and is anticipated to take a
minimum of 6 weeks to drill and test. It is intended that the well
will be suspended for future use in a Q11-B development. Kistos has
previously estimated 2C resources for this accumulation of between
67 - 155 Bcf net. This estimate was independently audited by
Sproule and will be refined following review of all the data from
the forthcoming well.
At the Q10-A field, we have completed a successful drilling
campaign, highlighted by the appraisal of the Vlieland sandstone
formation in the Q07 and Q10 blocks. As previously announced, it
flowed oil to surface at a maximum stable rate of 3,200 barrels of
oil per day (bopd). Pressure-volume-temperature (PVT) analysis of
downhole samples has confirmed a light oil of 33deg API, with a low
sulphur content. No formation water was produced or sampled on
test. Work is ongoing to integrate the data into our subsurface
models. Work has also begun on the development concept.
Following the testing of the Vlieland formation, a sidetrack was
drilled from the Q10-A04-A wellbore at high angle through the
Zechstein carbonates and clastics and completed in the primary
Slochteren formation at a TVDss of 2,319 metres. Following data
acquisition, the well is now producing gas from the Slochteren
reservoir at a gross rate of 800,000 Nm(3) /d (5,080 boe/d) with
the other horizons currently shut-in for reservoir management
purposes. Following the completion of drilling and intervention
activities on the Q10-A field, gross gas production has reached
approximately 2,000,000 Nm(3) /d (12,700 boe/d).
Commenting, Andrew Austin, Kistos' Chairman, said:
" One of the key attractions of the Kistos portfolio is the
significant near-term upside potential and I was delighted when I
was able to announce the extremely positive results from the
appraisal well in the Vlieland sandstone. This success continued
with the positive result from the sidetrack of the Q10-A04-A well,
which has added materially to our production at a time of high gas
prices. I am now looking forward to reporting the result of the
Q11-B appraisal well in the coming weeks. "
ENDS
Enquiries:
Kistos plc c/o Camarco Tel: 020 3757
Andrew Austin 4983
Panmure Gordon Tel: 020 7886 2500
Nick Lovering / Atholl Tweedie /
James Sinclair-Ford
Berenberg
Emily Morris / Alamgir Ahmed Tel: 020 3207 7800
Camarco Tel: 020 3757 4983
Billy Clegg / James Crothers
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 acquired Tulip Oil Netherlands B.V., which has a
portfolio of assets, including profitable, highly cash generative
natural gas production, plus appraisal and exploration
opportunities. The Company has 19.5 mmboe of 2P reserves and an
additional 102.1 mmboe of contingent resources.
Kistos is a low carbon producer. The Q10-A gas field in the
Dutch North Sea (60% operated working interest) has recorded a
Scope 1 carbon emissions intensity of 13g CO(2) e/boe since
inception. This compares to an industry average of 22kg CO(2) /boe
for gas extracted from the UK continental shelf. The Q10-A normally
unmanned installation is located approximately 20 km from the Dutch
shore. It is powered sustainably via wind and solar power and is
remotely operated, limiting offshore visits, which are conducted by
boat.
https://kistosplc.com/
Dr Richard Benmore, Non-Executive Director of Kistos with a
Bachelors, Masters and PhD in Geosciences and who has been involved
in the energy industry for more than 37 years, has read and
approved the disclosure in this announcement.
The Company's internal estimates of resources contained in this
announcement were prepared in accordance with the Petroleum
Resource Management System guidelines endorsed by the Society of
Petroleum Engineers, World Petroleum Congress, American Association
of Petroleum Geologists and Society of Petroleum Evaluation
Engineers.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 (as it forms part of
retained EU law as defined in the European Union (Withdrawal) Act
2018).
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END
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