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Started: NoQuestionMarks, 5 Jun 2024 09:17
Last post: NoQuestionMarks, 5 Jun 2024 09:17
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
Last post: Coldjoe, 3 Jun 2024 12:46
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
Started: NoQuestionMarks, 30 May 2024 14:22
Last post: NoQuestionMarks, 30 May 2024 14:22
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
Started: PiratePete, 26 May 2024 11:54
Last post: PiratePete, 26 May 2024 11:54
“ 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.”
Started: GD1962, 14 May 2024 20:34
Last post: YoungJun, 20 May 2024 15:22
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.
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)
Started: NoQuestionMarks, 20 May 2024 11:10
Last post: NoQuestionMarks, 20 May 2024 11:10
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
Started: PiratePete, 20 May 2024 09:50
Last post: PiratePete, 20 May 2024 09:50
Berenberg cuts Kistos price target to 305 (455) pence - 'buy'
Started: PiratePete, 19 May 2024 08:11
Last post: PiratePete, 19 May 2024 08:11
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.
Started: PiratePete, 16 May 2024 13:34
Last post: PiratePete, 16 May 2024 13:34
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.
Started: wildtiger, 15 May 2024 11:55
Last post: wildtiger, 15 May 2024 11:55
At 148p. Fully back in now after selling at 171. Thank you so much sellers
Started: PiratePete, 14 May 2024 08:40
Last post: PiratePete, 14 May 2024 08:40
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.
Started: NoQuestionMarks, 13 May 2024 10:37
Last post: GD1962, 13 May 2024 19:26
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
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.
Started: PiratePete, 13 May 2024 09:42
Last post: PiratePete, 13 May 2024 09:42
stephen *****: north sea windfall tax was right then but now it risks jobs
by erikka askeland
13/05/2024, 7:00 am
© kenny elrick/ dct memsp for aberdeen south stephen *****
snp westminster lead stephen ***** at invest abz. chester hotel. supplied by kenny elrick/ dct
aberdeen south mp stephen ***** said the windfall tax on uk oil and gas had been the “right thing to do” but proposals to increase the burden would stymie investment threatening jobs now and in the future.
*****, the snp’s leader at westminster, was speaking to energy voice at a breakfast event in aberdeen where he was a keynote speaker.
the invest abz event and workshop featured speakers and panellists including *****.
© supplied by kenny elrick/ dct me
snp westminster lead stephen ***** was a key note speaker at invest abz at the chester hotel. kenny elrick/ dct media
the windfall tax imposed by the uk government had been “the right thing to do” in the wake of russia’s invasion of ukraine.
but current – and proposed – tax increases and extensions would “tip the balance” preventing industry investment. this could risk hundreds of thousands of job losses, he said.
jobs today and tomorrow at risk
he said: “i don’t think anyone would shy away from the fact that a windfall tax was the right thing to do following vladimir putin’s invasion of ukraine and the skyrocketing we have seen in relation to energy prices.
“but what has been proposed, either from the uk government with the extension of the windfall tax or the labour party’s proposal in relation to enhancing the windfall tax and removing incentive allowances, is it tips the balance into a position where it is no longer preferential for industry to seek to have investment into new projects.
“if you don’t have that investment into new projects, that means you don’t have the jobs of today which will also be the jobs of tomorrow in the net zero industries.
“the consequences could be huge. it has been spelled out by the industry itself in relation to up to 100,000 jobs that could be on the line.
“it is my job to make sure those in westminster – to people who make those decisions, be it in the conservative party at the moment or potentially a future labour government – understand the consequences of those actions, that we speak up for aberdeen and we speak up for scotland in this regard.
“because this is crucial to our journey, not just to net zero, but to our wider economic future.”
scotland’s new government is “serious”
speaking about the recent change of leadership in the scottish government and its potential impact on the north-east, he added the new first minister john swinney was a “serious politician for serious times”.
swinney became scotland’s first minister in the same week ***** spoke at the energy voice event.
the new first minister replaced humza yousaf. his leadership collapsed after he ended the bute house ag
Started: tidd83, 13 May 2024 09:01
Last post: tidd83, 13 May 2024 09:01
In Norway, Kistos' share of cash capital expenditure was €77 million, which was primarily spent on drilling for the Balder Future project, refurbishment costs on the Jotun FPSO and associated subsea facilities. Capital expenditure in Norway is relievable at an effective rate of 78%, with any tax losses generated during the year creating a tax credit that is receivable as a cash tax rebate the following December. The receivable in respect of 2023 Norwegian tax losses (primarily generated by capital expenditure) is anticipated to be approximately €80 million, to be received in December 2024.
Due to the significant capital expenditure being incurred on the Balder Future project, tax losses have been generated in Norway. Unlike the UK and Dutch tax regimes, whereby tax losses are carried forward and only offset against any future taxable profits, tax losses in Norway result in cash tax repayments. After receiving NOK 857 million in December 2023, Kistos expects to receive over 900 million NOK (€80 million), not including accrued interest, in December 2024.
Started: Maverick7, 13 May 2024 08:58
Last post: Maverick7, 13 May 2024 08:58
Due to the significant capital expenditure being incurred on the Balder Future project, tax losses have been generated in Norway. Unlike the UK and Dutch tax regimes, whereby tax losses are carried forward and only offset against any future taxable profits, tax losses in Norway result in cash tax repayments. After receiving NOK 857 million in December 2023, Kistos expects to receive over 900 million NOK (€80 million), not including accrued interest, in December 2024
Last post: wildtiger, 13 May 2024 08:50
Sold this just above 170 as I was expecting this drop after the results. I think the current price is already pricing in the worst case scenario. Bought half back just below 160p, let's see where it goes from here.
Started: JAS78, 13 May 2024 08:38
Last post: JAS78, 13 May 2024 08:38
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."
Keep the faith
Started: Suffolk, 10 May 2024 15:53
Last post: Suffolk, 10 May 2024 15:53
What’s the next catalyst to the share price? I think we will get annual accounts at the end of May however I don’t believe they will read positively. Maybe another acquisition? What are your thoughts ?
Started: PiratePete, 2 May 2024 08:53
Last post: Malvolio, 2 May 2024 18:42
Oil and gas firms are being framed as the “devil incarnate” as general election rhetoric ramps up, a top North Sea dealmaker has complained.
Andrew Austin said is firm Kistos Holdings (AIM: KIST) is one of several which has pulled out of deals due to political uncertainty and that the windfall tax is being seen as a “victimless” crime as the UK gears up for an election.
Speaking to The Herald, he said: “Part of the problem is both parties are rightly trying to chase the 18 to 24 year old vote and in their minds climate change and oil and gas companies are the devil incarnate, therefore taxing them is effectively a victimless crime; that’s what’s driving it on both sides of the house.”
Investment ‘off the table’
Mr Austin, who built up his former company RockRose Energy into a £250m business, said committing fresh capital to projects in the North Sea “is definitely off the table” until there’s certainty as to “the Government and the Government’s position”.
There have been four changes to the windfall tax since 2022 under the ruling Conservative government, while Labour, which is leading the polls, has promised a “proper windfall tax” should it win power.
Last month, the CEO of Hartshead Energy told Energy Voice the uncertainty on Labour’s plans have led to it cutting project team jobs.
Meanwhile the party’s pledge – which includes cutting investment allowances while hiking and extending the levy – has led to warnings it will kill off North Sea investment.
Kistos’ partner in the West of Shetland, TotalEnergies, told Energy Voice last year that the uncertainty is impacting potential Final Investment Decisions for their projects in the region.
Mr Austin told The Herald that the windfall tax is not making Shell or BP the victim.
“The victims are the small independents who effectively have become the mantle-holders for the North Sea as the majors and super-majors have exited.
“You’ve seen it with Harbour, with Ithaca with Serica and us. These are the guys that are getting hurt.”
Started: Maverick7, 27 Apr 2024 11:52
Last post: Surfit, 30 Apr 2024 08:27
The MM's are being a bit greedy with a 3.93% spread???!!!
Mav - net cash was not 247 million - this was discussed at the time. Think it was worked out that after norwegian tax refunds,we would be 40 net cash
Full year results not to far away, is the market expecting a good set of financials? What are we expecting:
No debt
Increased cash position from Sept interims? Net cash was 247m
Is a dividend too early
Buying back shares has been positive for SQZ with only a £15m buy back - will AA do similar - KIST has way less shares in issue than SQZ
Gas price has been lower so revenues will be impacted?
Has AA being looking at anything beyond the North Sea & Norway
Not too long to find out
Started: NoQuestionMarks, 28 Apr 2024 14:57
Last post: NoQuestionMarks, 28 Apr 2024 14:57
Production came in at 7.4k barrels per day, down from 8.8k in January. The fall is due to production in the Netherlands falling off a cliff, why I have no idea.
Breakdown.
UK (GLA)
Net production from Edradour, Laggan and Tormore was 3442boepd of gas and 234b/d of oil.
Norway
Net production from Balder was 2734 b/d of oil.
Netherlands
Net production from Q10-A was 970 boepd.
aimo dyor
Started: NoQuestionMarks, 18 Apr 2024 15:19
Last post: NoQuestionMarks, 18 Apr 2024 15:19
Var have announced a small discovery at Ringhorne North. It isn't a licence we have an interest in but just goes to show that there is still potential for more upside in the Balder area.
https://varenergi.no/news/new-oil-discovery-in-the-north-sea/
Started: Surfit, 15 Apr 2024 12:41
Last post: Surfit, 17 Apr 2024 20:07
Ahhh okay see it now on the update section "Key high lights"
"Strong pipeline of development opportunities across
THREE stable JURISDICTIONS in mature basins - Peak production forecast to reach 15,000 boe/d in 2025
Thank you.
Rgds Sft
I don't consider it misleading, the enlarged group is pretty clear to me. All production guidance for each jurisdiction was in last September's presentation...
https://d1ssu070pg2v9i.cloudfront.net/pex/kistos/2023/10/03092620/KIST_Interim-Results-2023-Presentation-final.pdf
dyor aimo etc etc
That's a very misleading and ambiguous RNS imo then; as I was taking the "Enlarged Group" as taking about the Norway assets????
Rgds Sft
Hey NQM,
The way I read the RNS comment: "Mime's share of production from Balder and Ringhorne is expected to be over 2,000 boe/d in 2023. This will increase significantly once the Balder X project is onstream, with production for the enlarged Group expected to be over 15,000 boe/d in 2025 once the Jotun FPSO is onstream"
Is 15,000 boe from Norway i.e. both Balder, Ringhorne AND Balder X (Jotun hooked up and on line)
The adding the NL and West of Shetland gas assets (not sure what the BOE is) correct?
Best rgds Sft
Apologies Surfit, damned auto correct changed your name to Surfing.
Last post: Mani01, 12 Apr 2024 13:45
Compare other oil companies and you will see they are having similar rises. Hope something is brewing but it’s just poo movement
Topped up this afternoon, must be something brewing
Me too. Last roll of the dice for me on this. Let’s hope it pays off.
I actually bought back in yesterday after doing some more research into the company. Onwards and upwards from here
He's a random passer by.
Whatever AA is doing he is not sitting on his hands waiting for something to happen. Patience required and if you have the stomach for it, average down.
Started: diamondguru, 10 Apr 2024 15:42
Last post: diamondguru, 10 Apr 2024 15:42
Good sign imo