Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Kistos expects first oil at Balder site by end of 2024

(Sharecast News) - Oil and gas group Kistos Holdings has said that its Joutun floating production storage and offloading (FPSO) on its Balder field in Norway is nearly complete and should be producing oil by the end of the year. The AIM-listed company said it was "encouraged by recent activity" its joint venture partner Var Energi has made converting more of the established 2C resources into sanctioned reserves through the ongoing drilling programme.

First oil is now expected to be "the end of Q4 2024", Kistos said on Tuesday.

"In the event that first production is not achieved until 2025, due to the structure agreed upon through the acquisition of Mime Petroleum A.S. in 2023, the economics of the acquisition mitigate any effects of a delay by reducing the contingent consideration payable by Kistos to the Mime Petroleum bondholders," the company said.

Kistos shares have fallen 15% since the start of 2024, having fallen 62% over the past 12 months.

Share this article

Related Sharecast Articles

Novacyt gearing up for hearing in DHSC litigation
(Sharecast News) - Molecular diagnostics specialist Novacyt updated the market on legal proceedings between itself and its subsidiary Primer Design against the Department of Health and Social Care (DHSC) on Friday.
Venture Life renews revolving credit facility
(Sharecast News) - Self-care products specialist Venture Life Group announced the renewal of its revolving credit facility with Santander UK and HSBC Innovation Bank on Friday.
Schneider Electric in talks to take over Bentley Systems - report
(Sharecast News) - French industrial energy giant Schneider Electric on Friday announced that it was in discussions to take over US-listed software firm Bentley Systems in a deal that could be worth nearly $16bn.
Thames Water submits plan to raise bills by 56pc
(Sharecast News) - Thames Water has submitted a revised business plan to regulators, proposing an increase in bills of 56%, it was reported on Friday.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.