Kistos Holdings PLC - energy company with assets in UK North Sea and onshore Netherlands - Notes announcement by Var Energi ASA, the operator of Balder Field in Norway, confirming that the upgrade of the Joutun floating production storage and offloading vessel is 90% complete and that first oil is now anticipated to be the end of the fourth quarter of 2024. Says: "Kistos is encouraged by recent activity, in particular the progress the operator has made in working to convert more of the established 2C resources into sanctioned reserves through the ongoing drilling programme. The company will continue to update the market in line with the operator." In the event that first production is not achieved until 2025, due to the structure agreed upon through the acquisition of Mime Petroleum AS in 2023, says the economics of the acquisition "mitigate any effects of a delay" by reducing the contingent consideration payable by Kistos to the Mime Petroleum bondholders.
Current stock price: 142.70 pence, up 0.5%
12-month change: down 62%
By Greg Rosenvinge, Alliance News senior reporter
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Kistos Holdings (KIST)