REG - Kistos Holdings PLC - Jotun FPSO Sail Away

Kistos HoldingsAnnouncement

13/03/2025 07:15

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RNS Number : 4597A  Kistos Holdings PLC  13 March 2025

13 March 2025

 

 

Kistos Holdings plc

 

("Kistos" or "the Company")

 

 

Balder Future Update - Jotun FPSO Sail Away

 

 

Kistos (LON: KIST), an independent energy company focused on generating value
across the upstream and midstream markets, notes the announcement made today
by Vår Energi, the Operator of the Balder Area, regarding the tow-out of the
Jotun FPSO from the Worley Rosenberg yard in Stavanger, Norway.

 

The first stage of the Jotun sail away programme will commence with the FPSO
vessel performing inclination tests at the quayside before being towed to
Åmøyfjorden for inshore sea trials and anchor installation work. After this,
the vessel will be towed to the field for installation. With all 14 production
wells completed and associated subsea equipment installed, the tie-up and
final commissioning of the Jotun FPSO is expected to be undertaken over the
coming months, with first oil targeted for the end of Q2.

 

The Jotun FPSO sail away represents an important milestone in the Balder
Future project and redevelopment of the Balder Area, extending the life of the
field beyond 2045. Once online, the project is expected to increase the
area's peak daily production by 80,000 boepd (gross), which is expected to
occur approximately three to four months following first oil.

 

Furthermore, it is expected that the completion of Balder Future and the
commitment of the partners to this project will unlock future infill drilling,
exploration opportunities, and tie-back developments with a short time to
market. Kistos, alongside the Operator, is progressing with further
development and exploration projects across the Balder Area with a view to
converting 2C resources to 2P reserves in the short to medium term.

 

Andrew Austin, Executive Chairman of Kistos, commented:

 

"The Jotun FPSO sail away is a major milestone for the Balder Future project,
ensuring it remains on track to deliver first oil by the end of Q2 ahead of
reaching peak production by year-end, with 8,000 boepd net to Kistos in
addition to the current Balder Area Production of circa 3,000 boepd net. This
near-term production uplift is expected to have a meaningful impact on our
cashflow.

 

Beyond first oil, we remain focused on converting contingent resources into
reserves and are actively working alongside the Operator to progress the new
appraisal and development opportunities that the installation of the Jotun
FPSO will offer across Balder. This represents a significant upgrade in the
infrastructure to extract hydrocarbons from what is recognised as a prolific
basin. We are excited to be part of this journey."

 

Vår Energi is Operator (90%) of the Balder field with Kistos Energy Norway AS
as partner (10%).

 

- ENDS -

 

 

Contacts

 

 Kistos Holdings plc                                 via Hawthorn Advisors

 Andrew Austin

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

 James Sinclair-Ford / Dougie McLeod / Mark Murphy

 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

 

Glossary

 

 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.
 2P reserves   the sum of proved and probable reserves, denotes the best estimate scenario of
               reserves
 boepd         barrels of oil equivalent per day
 FPSO          floating production, storage, and offloading vessel
 mmboe         million barrels of oil equivalent

 

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