Last checked at 16 Feb 2022 07:00
Kistos plc
("Kistos" or the "Company")
Clarification to RNS of 15th February 2022 regarding Value Creation Plan ("VCP").
Following a number of comments from both institutional and retail shareholders, Kistos seeks to provide further clarification on the RNS released at 7.00am on Tuesday 15th February 2022.
· Kistos' Remuneration Committee has taken independent advice from PWC on the intention to establish a VCP and the potential terms.
· Since the start of the proposed VCP measurement period on 21st May 2021, Kistos substantively has been in a closed period due to:
o The drilling campaign that commenced in July 2021 and concluded earlier this month.
o Interim results, which were released on 14th September 2021.
o Negotiations relating to the acquisition of a 20% interest in the Greater Laggan Area from Total Energies as announced on 31st January 2022.
· No awards under any share linked plan can be made during a closed period.
· While there is an intention to establish a VCP, no grants have been made to date and the Company and its advisers continue to discuss the terms of potential awards with major investors.
· It is the Company's intention to purchase shares in the market where possible to satisfy awards when they vest and to minimise any dilution arising from the plan.
Any questions or feedback from shareholders should be sent to info@kistosplc.com.
Enquiries:
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Notes to editors
Kistos plc was established to acquire and manage companies in the energy sector engaging in the energy transition trend. The Company has acquired Tulip Oil Netherlands B.V., which has a portfolio of assets, including profitable, highly cash generative natural gas production, plus appraisal and exploration opportunities. The Company has 19.5 MMboe of 2P reserves and an additional 102.1 MMboe of contingent resources. On 31st January 2022, Kistos announced that it had conditionally agreed to acquire a 20% interest in the Greater Laggan Area from TotalEnergies. On completion, this transaction is expected to increase Group production to ~12,000 boe/d and add 2P reserves of 6 MMboe.
Kistos is a low carbon producer. The Q10-A gas field in the Dutch North Sea (60% operated working interest) has recorded a Scope 1 carbon emissions intensity of 13g CO2e/boe since inception. This compares to an industry average of 22kg CO2/boe for gas extracted from the UK continental shelf. The Q10-A normally unmanned installation is located approximately 20 km from the Dutch shore. It is powered sustainably via wind and solar power and is remotely operated, limiting offshore visits, which are conducted by boat.
https://kistosplc.com/