10 sep 25   kistos holdings plc - trading statement and production update kistos holdings plc | kist | 162 0 0.0% | mkt cap: 134.7m    rns number : 6731y kistos holdings plc 10 september 2025   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.   10 september 2025       kistos holdings plc   ("kistos" or "the company")     trading statement and production update     kistos (lon: kist), an independent energy company focused on generating value across the upstream and midstream markets, provides a trading and operational update ahead of its half-year results for the period ended 30 june 2025.   balder ramp-up   ·    balder future has reached peak production o  the jotun fpso was brought onstream on 22 june 2025 o  all 14 subsea production wells are now online and producing in line with expectations o  production from the jotun fpso is now over 80,000 barrels of oil equivalent per day (boepd), adding to the approximately 30,000 boepd from the balder fpu and ringhorne facilities. this brings the total output for the balder area to more than 110,000 boepd (gross), with kistos holding a 10% stake in the licence   ·    balder phase v is ongoing o  six new multi-branch subsea production wells are underway, with expected production rates and reserves equivalent to the wells installed within the balder future project o  two of the phase v wells are expected to come on stream in q4 of this year, with the remaining wells being completed during 2026   ·    balder phase vi is being progressed following the positive investment decision announced on 18 june 2025 o  the project consists of a single multi-lateral well tied back to the jotun fpso via the installation of a new subsea template and flowline o  the project will target reserves of approximately 15 mmboe (gross), with start-up expected by the end of 2026 and payback in less than one year     q10-a, gla & gas storage   ·    q10-a production was affected during the first half of 2025 o  aside from natural decline, a planned shutdown of the taqa-operated p15-d platform overran for longer than expected, although this will be partially offset by flush production post start up, which was achieved on 16 july 2025     ·    gla production during the period fell in line with management's expectations o  imminent start-up at the shell-operated victory gas field is due to provide significant opex savings for the gla partners, with increased gas throughput at the sgp o  totalenergies maintains its 40% stake in the gla, following prax going into administration o  kistos remains confident that totalenergies will continue to operate the assets responsibly and efficiently   ·    a final investment decision (fid) on hole house re-instatement is anticipated late in q3 2025. if positive, it is expected to increase working capacity by a further 63%. a further announcement will be made at the point the fid is made     corporate guidance   ·    full-year average daily production guidance of 8,000 - 9,000 boepd reaffirmed with daily production reaching 16,000 boepd on 8 september   ·    cash at 30th june 2025 was $104 million (of which $20 million is currently restricted), compared to the $143 million cash at 31 december 2024, reflecting significant capital expenditure on the final stage of the balder future project   ·    net debt* at the end of the period stood at $86 million.   *cash and cash equivalent, restricted funds and current tax receivables less the face value of outstanding bond debt.     andrew austin, executive chairman of kistos, commented:   "with our partner var, we set out a very clear priority at the beginning of the year to deliver the balder future development project. not only have we achieved first oil by the half-year-end, but we have also accelerated the production ramp-up to reach peak production well ahead of schedule.   total group production hit 16,000 boepd on the 8th september. the additional 8,000 boepd (net) that balder future is now contributing adds substantial near-term production and, with the installation of the jotun fpso and associated infrastructure, further near-term development of the balder area is now ongoing, unlocking additional value at a low cost with greater certainty."   "our desire for value-accretive acquisitions remains. our m&a remit covers areas outside of the north sea; however, we are committed to only pursuing opportunities that provide a good balance to our current portfolio, at the right price and on terms that are accretive to kistos shareholders."       - ends -   dr richard benmore, non-executive director of kistos with a bachelors, masters and phd in geosciences and who has been involved in the energy industry for more than 40 years, has read and approved the disclosure in this announcement. the company's internal estimates of resources contained in this announcement were prepared in accordance with the petroleum resource management system guidelines endorsed by the society of petroleum engineers, world petroleum congress, american association of petroleum geologists and society of petroleum evaluation engineers.   glossary   2c resources those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects, but which are not currently considered to be commercially recoverable owing to one or more contingencies 2p reserves the sum of proved and probable reserves, denotes the best estimate scenario of reserves boe barrels of oil equivalent boepd barrels of oil equivalent per day fpso floating production, storage, and offloading vessel fpu floating production unit gla greater laggan area kboepd thousand barrels of oil equivalent per day mmboe millions of barrels of oil equivalent sgp shetland gas plant   enquiries   kistos holdings plc andrew austin     via hawthorn advisors panmure liberum (nomad, joint broker) james sinclair-ford / freddie wooding / mark murphy     tel: 0207 886 2500 berenberg (joint broker) matthew armitt / ciaran walsh     tel: 0203 207 7800 hawthorn advisors (public relations advisor) henry lerwill / simon woods     tel: 0203 745 4960 camarco (public relations advisor) billy clegg tel: 0203 757 4983   this information is provided by rns, the news service of the london stock exchange. rns is approved by the financial conduct authority to act as a primary information provider in the united kingdom. terms and conditions relating to the use and distribution of this information may apply. for further information, please contact rns@lseg.com or visit www.rns.com.  rns may use your ip address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. for further information about how rns and the london stock exchange use the personal data you provide us, please see our privacy policy.   end   tstupuqubupagmb return to news summary

Label: Neutral