REG - Kistos Holdings PLC - Balder Field Operational Update

Kistos HoldingsAnnouncement

13/02/2024 07:00

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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                           via Hawthorn Advisors

 Andrew Austin, Executive Chairman

 Panmure Gordon (NOMAD, Joint Broker)          Tel: 0207 886 2500

 James Sinclair-Ford / Dougie McLeod

 Berenberg (Joint Broker)                      Tel: 0203 207 7800

 Matthew Armitt / Ciaran Walsh

 Hawthorn Advisors (Public Relations Advisor)  Tel: 0203 745 4960

 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
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 (https://www.kistosplc.com/)

 

 

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