Kistos Holdings PLC 33rd Offshore Licencing Round

RNS Number : 1708B

Kistos Holdings PLC

21 August 2024

 

21 August 2024

 

Kistos Holdings plc

 

("Kistos" or "the Company")

 

33^rd Offshore Licencing Round

 

Kistos (LON: KIST), is pleased to announce that TotalEnergies, together with Kistos as joint venture partners (the "JV Partners"), has been offered seven new blocks or part blocks in the Greater Laggan Area, West of Shetlands offshore the UK. On completion of the licencing round, Kistos will hold a 33.3% working interest in all of the acreage, with TotalEnergies assuming Operator status.

 

The full list of blocks and part blocks is as follows:

 

Area	Block
Greater Laggan Area	206/2a
	214/27
	214/28a
	214/29a
	214/22a
	214/23a
	214/24a

 

These blocks lie within the Greater Laggan Area ("GLA"), where the JV Partners already produce oil and gas from the Laggan, Tormore, Glenlivet, and Edradour fields. The blocks were applied for during the 33^rd Offshore licencing round, with submissions made in January 2023, and were previously held by the GLA JV prior to Kistos' acquisition of 20% non-operated stake from TotalEnergies in 2022.

 

The award of these blocks, which include the previously identified Ballechin exploration prospect, supports the JV Partners' efforts to identify opportunities to extend the life of existing infrastructure and maximise economic output. The work programme includes studies on a seismic dataset that is already owned by the JV Partners.

 

 

 

Kistos Holdings plc Andrew Austin	via Hawthorn Advisors
Panmure Liberum (NOMAD, Joint Broker) James Sinclair-Ford / Dougie McLeod / Mark Murphy	Tel: [phone]
Berenberg (Joint Broker) Matthew Armitt / Ciaran Walsh	Tel: [phone]
Hawthorn Advisors (Public Relations Advisor) Henry Lerwill / Simon Woods	Tel: [phone]
Camarco (Public Relations Advisor) Billy Clegg	Tel: [phone]

 

Notes to editors

 

Kistos Holdings plc was established to acquire and manage companies in the energy sector engaging in the energy transition trend. The Company has undertaken a series of transactions including the acquisition of a portfolio of highly cash generative natural gas production assets in the Netherlands from Tulip Oil Netherlands B.V. in 2021. This was followed in July 2022, with the acquisition of a 20% interest in the Greater Laggan Area (GLA) from TotalEnergies, which includes four producing gas fields and a development project. In May 2023, Kistos completed the acquisition of Mime Petroleum A.S. adding 24 MMboe of 2P reserves and significant production. In April 2024, Kistos completed the acquisition of UK gas storage assets, which due to the fast cycle nature of the facility, can deliver up to 11% of the UK's flexible daily gas capacity if called upon.

 

Kistos is a low-carbon intensity energy producer with Estimated Scope 1 CO₂e emissions from our operated activities offshore Netherlands of less than 0.01 kg/boe in 2023 (excluding necessary flaring during drilling campaigns).

 

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