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We are advertising for an Ops Manager at our gas storage facility in Cheshire.
https://www.simplyhired.co.uk/search?q=kistos&l=warmingham%2C+cheshire
European gas prices +10% today and solid buying, long may it continue
https://www.ice.com/products/27996665/Dutch-TTF-Natural-Gas-Futures/data?marketId=5786630
Production bounced back strongly in March to 8.9k barrels per day, up from 7.4k in February.
The rise was primarily due to production returning to normal in the Netherlands (24m cubic metres in March against 7m cubic metres in February)
Production split evenly across our three jurisdictions and an oil/gas split of roughly 35% oil to 65% gas.
Breakdown.
Netherlands
5253 boepd gross.
60% net to Kistos 3152 boepd.
UK
13843 boepd of gas gross and 656 b/d of oil gross.
20% net to Kistos is 2769 boepd of gas and 131 b/d of oil.
Norway
28,645 barrels of oil per day gross.
10% net to Kistos is 2864 b/d of oil.
aimo
“ Another offshore operator, Kistos, said it had “walked away” from two recent offshore investment opportunities because of uncertainty over the next government’s plans.
Kistos has assets in Norway and the Netherlands as well as UK waters, and executive chairman Andrew Austin said it was now looking overseas for future investment.
He said: “We are not going to invest in UK waters under the current level of fiscal uncertainty. I have already walked away from two investment opportunities.”
I assume this is a worst case scenario type statement as its mentions VAR date of Q4 '24 "forecast assumes a start-up date of 01/07/2025 for the Jotun FPSO in Norway, whilst the operator carries a Q4’24 start-up" later in the presentation page 10/11 we see Q2 2034 restated "First oil lift from Jotun FPSO targeted for Q4 2024, based on an inshore sail away by August 2024"
Page 3 of the presentation has a production forecast bar chart which says ‘’forecast assumes a start up date of 1 july 2025 for the jotun fpso in Norway’’
Not sure what your reading unless your confused with phased IV wells?
The presentation confirms 2024 for Jotun uplifts.
Unite the union have a 'No ban without a plan' campaign to support the oil and gas industry.
Please sign and share the petition wherever you can.
Labour won't listen to shareholders but they WILL listen to a union
https://www.unitetheunion.org/campaigns/oil-and-gas-no-ban-without-a-plan
Berenberg cuts Kistos price target to 305 (455) pence - 'buy'
The Netherlands to Expand Offshore Gas Extraction and Nuclear Energy
May 17, 2024 11:33 AM
The incoming Dutch government has announced plans to reduce the country’s dependence on “unreliable countries” by expanding offshore natural gas extraction and nuclear energy production, according to Reuters.
The draft coalition pact, presented by the right-wing government on Thursday, said that the Netherlands will adhere to international climate goals but will not impose additional national restrictions.
The government aims to secure long-term contracts for natural gas and build reserves of gas and critical commodities. While the large gas field under the Dutch province of Groningen will remain closed, gas production in the North Sea will be increased. The country’s plans to expand offshore wind appear to be unchanged, while the construction of new wind turbines on land will be de-emphasized.
The government also reaffirmed its commitment to increasing nuclear energy production in the Netherlands. The nuclear reactor in Borssele will remain open, and the construction of two new reactors will continue. Additionally, two more nuclear reactors are planned to be built, with the possibility of further multiple small reactors in public-private partnerships.
These plans reflect the difficulties the Netherlands faced after losing access to Russian gas following the start of the Ukraine war in 2022 and align with the conservative and populist themes of the four political parties in the prospective government.
Kistos stock had its “buy” rating restated by Berenberg Bank in a report released on Monday, Digital Look reports. They presently have a GBX 465 ($5.84) price target on the stock. Berenberg Bank’s target price points to a potential upside of 200.00% from the company’s current price.
At 148p. Fully back in now after selling at 171. Thank you so much sellers
This stock is now keeping me up at night... What a mess
Government has absolutely killed this stock along with a bit of bad luck operationally on the assets.
A far cry from the glory days at RRE. Still looks overvalued at these levels to me given such material tax and decom liabilities. UK and Europe is just no longer attractive for smaller E&P and Kistos has clunky declining assets with large future decom costs . Scandi is better but the tax rate is obscenely high and isn’t overly lucrative for Kistos with a 10% stake.
Where is the 148 million net debt info found?
Https://kistosplc.com/investors/presentations/
looks like guidance of around 8 kbpd for 2024
and also that assumes the joton Fpso starting up in summer 2025 not 2024. so Kist reckon it will be more delayed(not what annual report said,,, and not what var are saying)
Kistos (LSE: KIST) has said it is “now undergoing a recycling of project economics” at the Greater Laggan Area due to changes in “the cost environment.”
Glendronach is the project in question, despite having previously passed all technical stage gates with the operator TotalEnergies and partners.
Previously Kistos has said that “adverse changes” in the fiscal environment within the UK meant that TotalEnergies’ Edradour West would go ahead, rather than the previously expected Glendronach.
Kistos has now said in its 2023 full year results that the Greater Laggan Area (GLA) partners are “progress options for the Edradour West development”.
The North Sea oil and gas firm added: “Both of these projects have so far exhibited accretive economics and would utilise the existing GLA subsea infrastructure and the SGP [Shetland Gas Plant] if they are approved for development.”
Kistos has claimed the Edradour West development will increase its 2P reserves by 3.8 million barrels of oil equivalent (MMboe).
TotalEnergies has been working on the Glendronach and Edradour West projects – the former being a 100 million-barrel discovery.
This comes amid rumours that the French Supermajor may be looking to vacate its position in the GLA project.
It was said in September last year that a sale of the assets by TotalEnergies would continue a trend of oil majors and private equity firms leaving the ageing North Sea.
However, the oil and gas major refused to comment on this speculation at the time.
Kistos added that the joint venture partners were also evaluating other infill drilling opportunities on the Laggan and Tormore fields.
Andrew Austin, executive chairman of Kistos, commented: “2023 saw significant changes to the operating environment with commodity prices sharply down on the previous year and an increasingly restrictive fiscal regime in the UK.”
Kistos is not the only UK oil and gas firm to hit out at the UK’s current fiscal policy.
The UK’s largest producer of oil and gas Harbour Energy, alongside others, has previously called out the Energy Prfits Levy which raises the headline rate of tax for oil firms to 75%.
Last week the Kistos chairman said oil and gas firms are being framed as the “devil incarnate” as general election rhetoric ramps up.
Mr Austin later added: “As a management team fully aligned with shareholders, we remain focussed on seeking value for our investments which complement our existing portfolio and offer value-accretive upside.”
The chairman said that his firm has made moves to diversify its portfolio as the UK oil and gas market has become a more challenging environment to invest in.
Last month Kistos acquired a 100% stake in EDF Energy’s gas storage company, resulting in the firm picking up two UK storage sites.
The deal was signed for a total consideration of £25 million, paid from existing cash resources.
Tulip bought for 155m (2021 accounts) and they have now impaired 179m relating to it,,, that is definitely not been a good acquisition. who believes that orion and m10-11 will go anywhere?
AA paid himself best part of £1m in 2023 according to the renumeration report,,,share price now is what placing price was when tulip was bought,,,, not exactly adding value for shareholders
GD
Net Debt 24m at 31 dec, but 148m at end Apr.
That’s quite the increase in just 4 months,,, no wonder the auditors have said there’s uncertainty over going concern at that rate,,, cash might run out before the tax rebate comes back and don’t forget the “solidarity tax” issue which is meant to be due now even if AA thinks he’s not paying it, taxman always gets his way!
GD
I agree 2025 could be a defining year if it all goes to plan. But that’s the problem - of late KIST acquisitions have under performed. Add the unknowns of the general election & labour plans.
Will sit & wait to see how this unfolds until Q4
Same here, i invested at the start, we had the crazy spike during covid when the price got ahead of itself. 2025 will be a defining year need Baldur to come on stream as planned late 2024 and also Victory field for shell will reduce costs of SGP thats when the metrics should change. Add in the bonus storage facilities.
Thanks for sharing your view.. To be honest that's why I invested here as it seemed to be a promising company with a strong leader... Other contrary views appreciated.. Thanks
I'm sitting tight. I've invested in AA rather than Kistos the company, as I've done before.
He has a lot of skin in the game and will find the way forward. He's also one of the few I believe when he spins the line about maximising value for stake holders. The last deal shows that he knows how to think outside the box.
Hi Eager to get people's views... I am down 60 percent on this stock circa 7k...its a total mess... What are people's views in the future... I obviously wish I had never touched this stick but eager to know what other investors are doing... Thx
Netherlands €13m (reserves downgrade)
Norway €0
UK €46m (€33m Benriach, €10m Rosie and Cardhu licence relinquishment, €3m goodwill associated with the licence impairments)
The cumulative impairments in the Netherlands since the acquisition of Tulip Oil in 2021 are €179m.
aimo