Kistos Holdings PLC - London-based buyer and manager of companies in energy sector - On Wednesday, reports that the proforma average production rate fell 8.5% to 8,050 barrels of oil equivalent per day in 2024, in line with guidance, from 8,800 boepd in 2023. For 2025, Kistos eyes a production of 8,000 to 9,000 boepd. Year-end 2P reserves estimate contracts by 12% to 24.6 million barrels of oil equivalent, from 27.9 mmboe a year prior.
Executive Chair Andrew Austin says: ‘As we enter 2025, a major milestone remains the further expansion of our production profile in Norway, driven by first oil from the Balder Future development. The next major development chapters in the area will also commence this year, with Balder Phase V commencing drilling, whilst we anticipate that Var Energi will focus significant resources on maturing the Phase VI and 2C opportunities which have been identified on the Balder area.’
He adds: ‘Our portfolio continues to offer significant potential organic growth opportunities, from new oil production in Norway, to gas developments in the Greater Laggan Area and expansion of capacity at our UK gas storage facility. Furthermore, given our robust cash position, the board continues to assess acquisition opportunities that offer value accretive expansion.’
Current stock price: 114.50 pence each, flat late on Friday morning in London
12-month change: down 31%
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