|
Kistos Holdings PLC on Thursday said its anticipated transition of operatorship of the Greater Laggan Area offers near-term infill drilling opportunities, as it posted an output increase for 2025. The energy company with offshore and onshore assets in the UK, Norway, and the Netherlands said the 2025 pro forma exit production rate was 22,700 barrels of oil equivalent per day, including Oman interests and augmented by the ramp-up of two of the six Balder phase V wells. Actual production for 2025 averaged 9,000 boepd, at the top end of its 8,000 to 9,000 boepd guidance, and up 12% from 8,050 boepd in 2024. Meanwhile, Kistos reiterated that it had entered into a binding agreement to acquire a 5% working interest in block 9 and a 20% working interest in blocks 3 & 4 in Oman from Mitsui E&P Middle East BV. Executive Chair Andrew Austin said: ‘In the UK, the anticipated transition of operatorship of the Greater Laggan Area in early 2026 offers near-term opportunities for infill drilling and tie-backs, and we commenced work to return the Hole House gas storage site to active service, increasing capacity by 63% over the next two years.’ For 2026, it aims to complete and integrate the Oman acquisition and unlock organic growth in the Greater Laggan Area in Scotland, among others. Kistos shares rose 3.5% to 179.00 pence each on Thursday afternoon in London. Copyright 2026 Alliance News Ltd. All Rights Reserved.
|
