Kistos Holdings PLC Operational Update - Benriach Exploration Well (0773D)
June 19 2023 - 2:00AM
UK Regulatory
TIDMKIST
RNS Number : 0773D
Kistos Holdings PLC
19 June 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK
LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS
(SI 2019/310) (UK MAR). UPON THE PUBLICATION OF THIS ANNOUNCEMENT,
THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
19 June 2023
Kistos Holdings plc
("Kistos" or "the Company" and, together with its subsidiaries,
"the Group")
Operational Update on the P.2411, Benriach Exploration Well
Kistos (LSE: KIST), the low carbon intensity hydrocarbon
producer pursuing a strategy to acquire assets with a role in
energy transition, announces the conclusion of exploration drilling
on the Benriach well ("the well"), West of Shetland. The well
encountered gas bearing sands in the target Royal Sovereign
formation. However the discovered resource is expected to be
sub-commercial. The well has been drilled ahead of schedule and the
final cost is expected to be within previous guidance. Kistos
Energy Limited holds a 25% non-operated working interest in licence
P.2411, partnered with TotalEnergies ("operator", 50%) and Rockrose
Energy (25%).
The Transocean Barents rig was mobilised from Olen, Norway and
spud the well on 21 March. A total measured depth of 4,400 metres
was reached, and an extensive data acquisition programme has been
conducted. This confirmed the presence of gas-bearing sands in the
target Royal Sovereign formation. Analysis of the acquired data
will now be undertaken by the operator.
Highlights
-- Gas bearing reservoir confirmed in the Royal Sovereign formation
-- Excellent operational performance by the Transocean Barents
rig, resulting in completion of activities ahead of schedule.
-- Zero Lost Time Incidents / First Aid Cases reported by either staff or contractors to date.
-- Extensive data acquisition programme completed, including
rotary sidewall cores, full wireline coverage, live pressures and
fluid samples.
Andrew Austin, Executive Chairman of Kistos, said:
"The operational performance has been excellent, and I would
like to thank TotalEnergies and the team on the Transocean Barents
rig, who drilled the well safely and efficiently. Kistos remains
committed to bringing additional gas volumes through the Shetland
Gas Plant to add shareholder value and contribute towards domestic
energy security, and we look forward to providing further updates
to the markets in due course."
For the purposes of UK MAR, the person responsible for arranging
the release of this announcement on behalf of Kistos is Andrew
Austin, Executive Chairman.
Enquiries
Kistos Holdings plc via Hawthorn Advisors
Andrew Austin, Executive Chairman
Panmure Gordon (NOMAD, Joint Broker) Tel: 0207 886 2500
John Prior / James Sinclair-Ford
Berenberg (Joint Broker) Tel: 0203 207 7800
Matthew Armitt / Ciaran Walsh
Hawthorn Advisors (Public Relations Tel: 0203 745 4960
Advisor)
Henry Lerwill / Simon Woods
Camarco (Public Relations Advisor) Tel: 0203 757 4983
Billy Clegg
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 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 its third
acquisition, acquiring the total share capital of Mime Petroleum
and its Norwegian Continental Shelf Assets. These comprise a 10%
stake in the Balder joint venture spanning Balder and Ringhorne oil
fields.
Kistos is a low carbon intensity gas producer with Estimated
Scope 1 CO emissions from its operated activities offshore of less
than 0.01 kg/boe in 2022 (excluding necessary flaring during
drilling campaigns).
https://www.kistosplc.com
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