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Kistos PLC - London-based energy sector investor - Reports successful initial results of Vlieland sandstone formation offshore Netherlands in the first stage of a four month drilling campaign. Results reveal a max rate higher than expected at 3,200 barrels of oil per day.
"This is a great credit to the team who have spent several years believing in the reservoir and planning this activity," says interim Chief Executive Andrew Austin. "We will now look at our options for developing the field, which overlies our existing producing gas field, in the most carbon efficient manner including the use of shore power derived from renewable sources."
Additionally, signs agreement to buy Windpark Ferrum from Dorset-based Infinergy Ltd and Netherlands-based Windcollectief Noord-Holland BV joint venture, comprising three wind turbines in IJmuiden.
Current stock price: 258.13, up 7.1% on Wednesday afternoon
Year-to-date change: up 58%
By Josie O'Brien; josieobrien@alliancenews.com
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