Kistos Energy Announces Update for the Q4 of 2023

Source: 2/29/2024, Location: Europe

In the fourth quarter of 2023, production from the Balder Area averaged 3.030 b/d net to KENAS. Total production for the full year 2023 was 790 kbbl. Following the turn-around in the third quarter, production efficiency has been stable for Balder/Ringhorne and was 98% for the fourth quarter versus 79% in the third quarter.

The upgrade of the Jotun FPSO is ongoing with high construction activity at the Rosenberg yard. According to the Operator (Vår Energi ASA), the Jotun FPSO is more than 90% complete. Solid progress has been achieved in increasing pace of construction work on the FPSO, with overall progress only slightly behind the revised plan.

Current focus is on executing the remaining construction and commissioning work. Drilling and subsea facilities activities are progressing according to schedule.

The Balder X targeted start-up is moved to fourth quarter 2024. This is based on inshore sail away of the Jotun FPSO in August 2024.

On 8th February 2024, the operator released its “Annual statement of reserves 2023”, in which it estimated gross 2P reserves for the Balder Area of 219 MMboe (21.9 MMboe net KENAS).

In the fourth quarter, 5 cargoes of crude oil were loaded from the Balder FPU. Net to KENAS, these totaled 257 kbbl (742 kbbl for the full year), which realised an average provisional price of USD 81.03 per bbl.

In December 2023, the Company received in total USD 87 million in tax refund for fiscal year 2022, including interest of USD 2 MUSD. At the end of the period, KENAS had cash at bank of USD 16.2 million, of which USD 0.2 million was restricted. KENAS had drawn USD 0 million under the terms of the revolving credit facility from its parent company, Kistos plc, at year end 2023.

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