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Kistos Holdings plc announced on December 18, 2023, that the Shetland Gas Plant, in which it is a co-owner, had safely restarted the export of gas. This restart occurred on December 16, following a repair to the plant's heating medium system.
| Date | 18 Dec 2023 |
| Time | 07:00:11 |
| Category | Corporate updates |
| ID | 0702X |
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.
18th December 2023
Kistos Holdings plc
("Kistos" or "the Company")
Production restarted at Shetland Gas Plant
Further to its announcement of 12th 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.
Following repair to the heating medium system, the Shetland Gas Plant safely restarted the export of gas on the 16th December.
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.
Andrew Austin, Executive Chairman of Kistos, said:
"We would like to thank the teams at TotalEnergies for their swift and highly professional approach to this incident, both in the immediate response, and then the subsequent investigation and implementation of the engineering works to successfully ensure the plant was safely restarted and back to full production."
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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