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Kistos Holdings PLC announced on 6 December 2023 that TotalEnergies, operator of the Shetland Gas Plant, reported a heating medium system failure and steam release at the plant on 5 December 2023. Following the incident, the plant was shut down for investigation, and production remains suspended, with all personnel accounted for and safe.
| Date | 6 Dec 2023 |
| Time | 17:55:00 |
| Category | Miscellaneous |
| ID | 9407V |
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.
6th December 2023
Kistos Holdings plc
("Kistos" or "the Company")
TotalEnergies Statement re the Shetland Gas Plant
Kistos (LSE: KIST), a joint venture partner in the Greater Laggan Area and co-owner of the Shetland Gas Plant, today provides an update on the recent shutdown of the plant.
TotalEnergies the operator of the plant has released the following statement;
"Yesterday an element of the heating medium system at Shetland Gas Plant failed, resulting in a release of steam. Personnel were called to muster and everyone has been accounted for. Thankfully everyone is safe and well. To help us investigate the situation, we shut down the plant. Production remains shutdown whilst we conduct an investigation into the incident. Separately, we are also assessing when it will be safe to restart production. We will not restart production until it is safe to do so."
Kistos remains in regular contact with the operator and will provide further updates as appropriate.
For the purposes of UK MAR, the person responsible for arranging the release of this announcement on behalf of Kistos is Andrew Austin, Executive Chairman.
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 undertaken a series of transactions including the acquisition of a portfolio of highly cash generative natural gas production assets in the Netherlands from Tulip Oil Netherlands B.V. in 2021. This was followed in July 2022, with the acquisition of a 20% interest in the Greater Laggan Area (GLA) from TotalEnergies, which includes four producing gas fields and a development project. In May 2023, Kistos completed its third acquisition, acquiring the total share capital of Mime Petroleum and its Norwegian Continental Shelf Assets. These comprise a 10% stake in the Balder joint venture spanning Balder and Ringhorne oil fields.
Kistos is a low carbon intensity gas producer with Estimated Scope 1 CO₂ emissions from its operated activities offshore of less than 0.01 kg/boe in 2022 (excluding necessary flaring during drilling campaigns).
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