Kistos YTD production in line with expectations, realised prices higher than initially assumed

Low carbon gas producer Kistos said on Friday that year-to-date production was in line with expectations, whilst realised gas prices had been higher than those assumed in its admission document on 21 April.

Kistos said it has sanctioned, subject to partner approval, the appraisal of its Q11-B discovery as well as a drilling and workover campaign on the Q10-A field, with drilling activities expected to commence in the second half of 2021.

The programme's primary objectives were to appraise additional horizons in the Q10-A area whilst also enhancing potential production rates with the sidetrack of its Q10-A04 well and the workover of the Q10-A06 well.

Interim chief executive Andrew Austin said: "We are very excited for the future of Kistos, with a proven low-cost production base from the Q10-A field and two further appraisal wells planned this year, we look forward to extending our reserves base and increasing our presence in the Q Block core area."

Elsewhere, Kistos stated it had completed its acquisition of the entire issued and outstanding share capital of Tulip Oil Netherlands.

"We welcome the team at Tulip on board. They have shown great professionalism and ability in the way they have led activity in the Q-Block area to date. We look forward to working together as we continue to grow Kistos into a company which can play a role in the broader energy transition".

As of 0945 BST, Kistos shares were down 1.86% at 176.65p.