Kistos reiterates Shetland guidance despite recent shutdown

Kistos updated the market on the recent shutdown of the Shetland Gas Plant (SGP) on Tuesday, which took place on 6 December.

The AIM-traded firm - a joint venture partner in the Greater Laggan Area and a co-owner of the SGP - said the shutdown resulted from a heating medium system failure.

It said the plant’s operator, TotalEnergies, had been actively investigating the cause.

In addition to the investigation, TotalEnergies had started work to replace the failed section of the system.

Kistos anticipated that the Shetland Gas Plant would operate again within the next two weeks, provided the ongoing work streams progressed as planned.

It said it was in regular contact with TotalEnergies, adding that it would further update the market as necessary.

Despite the temporary disruption, Kistos confirmed that its average production for 2023 was still projected to fall within the previously provided guidance of 8,500 to 10,500 barrels of oil equivalent per day.

At 1303 GMT, shares in Kistos Holdings were up 0.57% at 177p.

Reporting by Josh White for Sharecast.com.