IN BRIEF: Kistos notes Balder Next FID as production forecast rises

Kistos Holdings PLC - London-based oil and gas producer from offshore and onshore assets in the UK, Norway, and the Netherlands - Says Var Energi, the operator of the Balder Area in Norway, has taken a final investment decision on the Balder Next New Wells project in the North Sea, which will deliver seven new production wells linked to the Jotun FPSO. Var says it expects start-up in the fourth quarter of 2027 and that the project will develop 86 million barrels of oil equivalent in proved plus probable reserves, up from the previous estimate of approximately 75 mmboe. Var holds 90% of the Balder field, with Kistos Energy Norway AS holding the other 10%.

Kistos Executive Chair Andrew Austin comments: ‘The sanctioning of the Balder Next New Wells project marks another important milestone for Kistos in the Balder Area. Building on the successful start-up of the Jotun FPSO last year, this project...will deliver significant additional volumes at an attractive breakeven cost of approximately $30 per boe while supporting sustained production from the field. Following the project’s delivery, we will have increased gross production by an additional 11 mmboe from the previously communicated figure of 75 mmboe earlier this year...Our investment in Norway continues to deliver significant upside for the company and its shareholders, highlighting the strength of the partnership with Var in delivering high-quality, value-accretive developments on the Norwegian Continental Shelf.’

Current stock price: 245.00 pence, up 4.3% on Thursday in London

12-month change: up 29%

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