Kistos Holdings PLC Successful Appeal - M10/M11 Licence (7216G)
21 July 2023 - 4:00PM
UK Regulatory
TIDMKIST
RNS Number : 7216G
Kistos Holdings PLC
21 July 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK
LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS
(SI 2019/310) (UK MAR). UPON THE PUBLICATION OF THIS ANNOUNCEMENT,
THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
21 July 2023
Kistos Holdings plc
("Kistos" or "the Company")
Reserves & Resources increase by 41% as Appeal is
Successful
Kistos (LSE: KIST), the low carbon intensity hydrocarbon
producer pursuing a strategy to acquire assets with a role in
energy transition, is pleased to announce that further to its
announcement on 30 May 2023 it has successfully appealed against
the Netherlands Ministry of Economic Affairs decision not to extend
the term of the M10/M11 licence. This ruling is effective
immediately and the licence is extended by five years. Kistos NL1
B.V. holds a 60% operated working interest in the licence and is
partnered with EBN (40% working interest).
M10/M11 sits in the northern area of the Netherlands North Sea
Shelf and is estimated to contain technically recoverable 2C
resources net to Kistos of 174 Bcf or 31.7MMboe. These resource
estimates have been independently compiled in a technical report
undertaken by a third party in accordance with the Petroleum
Resources Management System (PRMS) standards for classification and
reporting. Kistos has completed stakeholder mapping in preparation
for further drilling of the field.
Kistos will now apply for a permit for an appraisal well,
engaging closely with the local municipalities and stakeholders
prior to commencing any assessment phase planning work.
As a result of this positive news, Kistos estimates Group 2P
reserves of 36.2MMboe and 2C resources of 72.2MMboe, making the
overall Group 2P reserves plus 2C resources, 108.4MMboe.
Andrew Austin, Executive Chairman of Kistos, said:
"This is very good news both for Kistos and for the Netherlands.
It increases the potential for domestic gas demand to be met with
domestic supplies, which has positive implications for CO2
emissions. Whilst the delay to the M10/M11 project has been
frustrating, we are pleased that the right outcome has been
achieved and look forward to working with the local municipalities
to obtain the relevant permits to appraise the field.
We continue to work with our partners in all three jurisdictions
to mature further resources to reserves prior to year end."
For the purposes of UK MAR, the person responsible for arranging
the release of this announcement on behalf of Kistos is Andrew
Austin, Executive Chairman.
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.
Glossary
2P reserves the sum of proved and probable reserves,
denotes the best estimate scenario
of reserves
Bcf billion cubic feet
-----------------------------------------
boe barrels of oil equivalent
-----------------------------------------
2C resources those quantities of petroleum estimated,
as of a given date, to be potentially
recoverable from known accumulations
by application of development projects,
but which are not currently considered
to be commercially recoverable owing
to one or more contingencies.
-----------------------------------------
MMboe millions of barrels of oil equivalent
-----------------------------------------
Enquiries
Kistos Holdings plc via Hawthorn Advisors
Andrew Austin, Executive Chairman
Panmure Gordon (NOMAD, Joint Broker) Tel: 0207 886 2500
John Prior / James Sinclair-Ford
Berenberg (Joint Broker) Tel: 0203 207 7800
Matthew Armitt / Ciaran Walsh
Hawthorn Advisors (Public Relations Tel: 0203 745 4960
Advisor)
Henry Lerwill / Simon Woods
Camarco (Public Relations Advisor) Tel: 0203 757 4983
Billy Clegg
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 CO 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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