RE: Interesting morning24 Apr 2025 11:18
This is a solid set of results, production is in line with guidance which for the time being is maintained for 2025 at 8,000-9,000 boepd and 2P reserves of 24.4m and 2C resources of 57.5m offer plenty of upside. But it is the future that is exciting for shareholders, as Chairman Andrew Austin states and that can be primarily down to the Balder Future project in Norway which is about to deliver first oil.
But it’s not just Balder that is showing growth going forward, there is upside potential from both Glendronach following the change of GLA operator and the Victory gas field which is expected to come on stream in Q4 2025, where production will be processed through the onshore Shetland Gas Plant.
Also the gas storage facilities have benefited from the addition of the Hill Top and Hole House operations in Cheshire, the former achieving a 93.5% operational availability injecting 112m therms and withdrawing 97m during the period after completion. This adds to the portfolio via ‘expanding our midstream market position and diversifying our revenue.
Kistos had cash of $114m at the year end, excluding $29m of restricted funds and adjusted net debt at the same date was $52m, this strong position getting better all the time and these market conditions must be creating opportunities that Kistos excels in, it remains nailed on in the Bucket List.
https://www.malcysblog.com/2025/04/oil-price-kistos-sintana-and-finally/