Kistos Holdings PLC – London-based buyer and manager of energy companies – 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 forecast, compared to 8,800 boepd in 2023. For 2025, Kistos forecasts production of 8,000 to 9,000 boepd. The 2P reserves estimate at the end of the year contracts by 12% to 24.6 million barrels of oil equivalent, compared to 27.9 million barrels the previous year.
Andrew Austin, Executive Chairman, said: “As we move into 2025, one of the major milestones remains the continued expansion of our production profile in Norway, driven by the first start of production of the project Balder Future The next major chapters of development in the region will also begin this year, with the drilling of Balder Phase V, while we expect Var Energi to focus significant resources on maturing Phase VI and 2C opportunities. who have been identified in the Balder region.
He adds: “Our portfolio continues to offer significant potential: “Our portfolio continues to offer significant opportunities for potential organic growth, whether it is new oil production in Norway, gas exploitation in the Greater Laggan region or expanding the capacity of our UK gas storage facility. Additionally, given our strong cash position, the Board continues to evaluate acquisition opportunities that offer value-generating expansion.”
Current share price: 114.50 pence per unit, unchanged Friday morning in London
Change over 12 months: down 31
By Tom Budszus, Alliance News Editor
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