REG - Kistos Holdings PLC - Shetland Gas Plant update

Kistos HoldingsAnnouncement

12/12/2023 07:00

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RNS Number : 4045W  Kistos Holdings PLC  12 December 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.

 

12(th) December 2023

 

Kistos Holdings plc

 

("Kistos" or "the Company")

 

Shetland Gas Plant update

 

 

Further to its announcement of 6(th) December 2023, Kistos (LSE: KIST), a
joint venture partner in the Greater Laggan Area and co-owner of the Shetland
Gas Plant, today provides an update on the recent shutdown of the plant.

 

TotalEnergies, the operator of the plant, continues to investigate the cause
of the heating medium system failure at SGP, and in parallel has started work
to replace the failed section. Both workstreams need to be completed to ensure
the safe restart of the facility, which Kistos expects to occur in the next
two weeks.

 

Kistos remains in regular contact with the operator and will provide further
updates as appropriate. In the meantime, the Company confirms that its average
production in 2023 is still expected to be within the previously guided range
of 8,500 - 10,500 boe/d.

 

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.

 

 

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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