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| Date | 22 Nov 2021 |
| Time | 07:00:08 |
| Category | Corporate updates |
| ID | 0447T |
Kistos plc
("Kistos" or the "Company")
Q11-B well spudded
Kistos (LSE: KIST), the low carbon intensity energy producer pursuing a strategy to acquire assets with a role in energy transition, is pleased to announce that Borr Drilling's Prospector-1 jack-up drilling rig has spudded the Q11-B appraisal well (Kistos 60%, Operator).
As previously announced, the Q11-B appraisal well is anticipated to take a minimum of 6 weeks to drill and test. Kistos intends to suspend the well for future use in a Q11-B development and has estimated 2C resources for this accumulation of between 67 - 155 Bcf net. These figures were independently audited by Sproule and will be refined following review of all the data from the forthcoming well.
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Notes to editors
Kistos plc was established to acquire and manage companies in the energy sector engaging in the energy transition trend. The Company has acquired Tulip Oil Netherlands B.V., which has a portfolio of assets, including profitable, highly cash generative natural gas production, plus appraisal and exploration opportunities. The Company has 19.5 mmboe of 2P reserves and an additional 102.1 mmboe of contingent resources.
Kistos is a low carbon producer. The Q10-A gas field in the Dutch North Sea (60% operated working interest) has recorded a Scope 1 carbon emissions intensity of 13g CO2e/boe since inception. This compares to an industry average of 22kg CO2/boe for gas extracted from the UK continental shelf. The Q10-A normally unmanned installation is located approximately 20 km from the Dutch shore. It is powered sustainably via wind and solar power and is remotely operated, limiting offshore visits, which are conducted by boat.
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 37 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.