Kistos expects first oil at Balder site by end of 2024

Oil and gas group Kistos Holdings has said that its Joutun floating production storage and offloading (FPSO) on its Balder field in Norway is nearly complete and should be producing oil by the end of the year.

The AIM-listed company said it was "encouraged by recent activity" its joint venture partner Var Energi has made converting more of the established 2C resources into sanctioned reserves through the ongoing drilling programme.

First oil is now expected to be "the end of Q4 2024", Kistos said on Tuesday.

"In the event that first production is not achieved until 2025, due to the structure agreed upon through the acquisition of Mime Petroleum A.S. in 2023, the economics of the acquisition mitigate any effects of a delay by reducing the contingent consideration payable by Kistos to the Mime Petroleum bondholders," the company said.

Kistos shares have fallen 15% since the start of 2024, having fallen 62% over the past 12 months.