Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

IN BRIEF: Kistos enters gas storage market with EDF Energy acquisition

Tue, 20th Feb 2024 11:32

Kistos Holdings PLC - Energy Company focused on gas assets in the North Sea and Netherlands - Enters into a sale and purchase agreement to acquire the gas storage arm of EDF Energy Ltd for a total consideration of GBP25 million. EDF Energy owns the Hill Top Farm and Hole House Farm gas storage facilities in Cheshire, England. Kistos will assume operatorship of both sites and is planning to put in place an agreement to work alongside a partner to trade the gas. The Hill Top site has a gas capacity of 17.8 million therms, 3.1% of the UK's total onshore gas storage capacity, with an ongoing programme to increase this to 21.2 million in the short term. The Hole House facility is currently non-operational. Both sites have the capacity to be repurposed to store compressed air or hydrogen, Kistos says, which would "place these assets firmly into the transitional energy space beyond the current key role they play in the UK's supply of gas".

Executive Chair Andrew Austin says: "Our entry into the gas storage market marks another advancement in our growth strategy to expand the business through value-accretive acquisitions. Not only do these assets complement our upstream UK assets, but they also diversify our presence across the energy value chain with a foothold in the midstream market."

Current stock price: 149.50, up 8.3% in London on Tuesday morning.

12-month change: down 59%

By Hugh Cameron, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

Related Shares

More News
4 Mar 2024 08:59

LONDON BROKER RATINGS: Jefferies says buy BP; UBS says buy Compass

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning:

20 Feb 2024 12:17

Kistos to buy EDF UK gas storage assets for £25m

(Sharecast News) - Kistos has finalised a sale and purchase agreement to acquire EDF Energy Gas Storage, it announced on Tuesday, including two gas st...

13 Feb 2024 12:06

IN BRIEF: Kistos says upgrade of Jouton vessel is 90% complete

Kistos Holdings PLC - energy company with assets in UK North Sea and onshore Netherlands - Notes announcement by Var Energi ASA, the operator of Balde...

13 Feb 2024 07:22

Kistos expects first oil at Balder site by end of 2024

(Sharecast News) - Oil and gas group Kistos Holdings has said that its Joutun floating production storage and offloading (FPSO) on its Balder field in...

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.