Kistos Holdings PLC Balder Field Operational Update
13 February 2024 - 6:00PM
RNS Regulatory News
RNS Number : 9461C
Kistos Holdings PLC
13 February 2024
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.
13 February 2024
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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