Kistos, the low carbon gas producer, recently announced  the completion of the acquisition of the entire issued and outstanding share capital of Tulip Oil Netherlands B.V. on the terms set out in the company's admission document dated 21 April 2021. (Logo quoted from Kistos’s website) 

Kistos has committed to ensuring its Scope One Emissions are net zero from completion. The producing asset Q10-A has a uniquely low carbon footprint given the platform is powered by wind and solar energy, averaging 0.013kg CO2 e/Boe since first gas, against a UK North Sea average of 22kg CO2 e/Boe.  

The effective date of the acquisition was 1st January 2021 and production in the year to date has been in line with expectations, whilst realised gas prices have been higher than those assumed in the Admission document. Group cash at bank on closing is £46.8 million implying net debt of £82.2 million.

The Board of Kistos also announced that it has sanctioned, subject to partner approval, the appraisal of the Q11-B discovery as well as a drilling and workover campaign on the Q10-A field. 

Drilling activities are expected to commence in the second half of 2021. The primary objectives are to appraise additional horizons in the Q10-A area whilst enhancing potential production rates with the sidetrack of the Q10-A04 well and workover of the Q10-A06 well.　

(IRuniverse)

Related articles