(Alliance News) - Kistos Holdings PLC on Friday said it has successfully appealed against the Dutch Ministry of Economic Affairs, reversing its decision to not lengthen the M10/M11 licence.
London-based energy industry investor Kistos said the licence, located in the northern Netherlands North Sea Shelf, has been extended by another five years. The company will also now apply for an appraisal well permit.
Kistos owns a 60% operated working interest in M10/M11.
Kistos now estimates its reserves and resources have increased by 41% to 108.4 million barrels of oil equivalent.
Executive Chair Andrew Austin said: "Whilst the delay to the M10/M11 project has been frustrating, we are pleased that the right outcome has been achieved and look forward to working with the local municipalities to obtain the relevant permits to appraise the field."
Shares in Kistos were up 4.3% at 238.90 pence each in London on Friday morning.
By Sabrina Penty, Alliance News reporter
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Kistos Holdings (KIST)