REG - Kistos Holdings PLC - Operational Update - Benriach Exploration Well

Kistos HoldingsAnnouncement

19/06/2023 07:00

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RNS Number : 0773D  Kistos Holdings PLC  19 June 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.

 

19 June 2023

 

Kistos Holdings plc

 

("Kistos" or "the Company" and, together with its subsidiaries, "the Group")

 

Operational Update on the P.2411, Benriach Exploration Well

 

 

Kistos (LSE: KIST), the low carbon intensity hydrocarbon producer pursuing a
strategy to acquire assets with a role in energy transition, announces the
conclusion of exploration drilling on the Benriach well ("the well"), West of
Shetland. The well encountered gas bearing sands in the target Royal Sovereign
formation. However the discovered resource is expected to be sub-commercial.
 The well has been drilled ahead of schedule and the final cost is expected
to be within previous guidance. Kistos Energy Limited holds a 25% non-operated
working interest in licence P.2411, partnered with TotalEnergies ("operator",
50%) and Rockrose Energy (25%).

 

The Transocean Barents rig was mobilised from Olen, Norway and spud the well
on 21 March. A total measured depth of ~4,400 metres was reached, and an
extensive data acquisition programme has been conducted. This confirmed the
presence of gas-bearing sands in the target Royal Sovereign formation.
Analysis of the acquired data will now be undertaken by the operator.

 

Highlights

·    Gas bearing reservoir confirmed in the Royal Sovereign formation

·    Excellent operational performance by the Transocean Barents rig,
resulting in completion of activities ahead of schedule.

·    Zero Lost Time Incidents / First Aid Cases reported by either staff
or contractors to date.

·    Extensive data acquisition programme completed, including rotary
sidewall cores, full wireline coverage, live pressures and fluid samples.

 

 

 

Andrew Austin, Executive Chairman of Kistos, said:

 

"The operational performance has been excellent, and I would like to thank
TotalEnergies and the team on the Transocean Barents rig, who drilled the well
safely and efficiently. Kistos remains committed to bringing additional gas
volumes through the Shetland Gas Plant to add shareholder value and contribute
towards domestic energy security, and we look forward to providing further
updates to the markets in due course."

 

 

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.

 

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 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)

 

- ENDS -

 

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