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Kistos Holdings plc provided an update on the Shetland Gas Plant (SGP) shutdown on December 12, 2023. TotalEnergies, the plant operator, is investigating a heating medium system failure and has started work to replace the failed section. Kistos expects the facility to restart within the next two weeks and confirmed its average production for 2023 is anticipated to be within 8,500 - 10,500 boe/d.
| Date | 12 Dec 2023 |
| Time | 07:00:08 |
| Category | Corporate updates |
| ID | 4045W |
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.
12th December 2023
Kistos Holdings plc
("Kistos" or "the Company")
Shetland Gas Plant update
Further to its announcement of 6th December 2023, 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, continues to investigate the cause of the heating medium system failure at SGP, and in parallel has started work to replace the failed section. Both workstreams need to be completed to ensure the safe restart of the facility, which Kistos expects to occur in the next two weeks.
Kistos remains in regular contact with the operator and will provide further updates as appropriate. In the meantime, the Company confirms that its average production in 2023 is still expected to be within the previously guided range of 8,500 - 10,500 boe/d.
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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