Kistos (LSE: KIST), the low carbon intensity energy producer pursuing a strategy to acquire assets with a role in energy transition, notes recent press speculation in relation to Kistos and confirms that it is a participant in a process being run by TotalEnergies S.E. (“Total”) to sell interests in certain of Total’s West of Shetland gas assets.
Kistos’ participation in this process is in keeping with its stated strategy of growth through acquisition and this is one of a number of opportunities that has been actively considered over the past six months.
If Kistos becomes the preferred bidder in the process currently being run by Total, it is expected that any acquisition would be funded using the Company’s existing resources.
Shareholders are advised that there can be no certainty that Kistos’ participation in this process will lead to a definitive transaction. If appropriate, the Company will provide a further update to shareholders.
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).
ENDS
Enquiries:
Kistos plc
Andrew Austin, Executive Chairman
c/o Camarco Tel: 020 3757 4983
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 acquired Tulip Oil Netherlands B.V., which has a portfolio of assets, including profitable, highly cash generative natural gas production, plus appraisal and exploration opportunities. The Company has 19.5 mmboe of 2P reserves and an additional 102.1 mmboe of contingent resources.
Kistos is a low carbon producer. The Q10-A gas field in the Dutch North Sea (60% operated working interest) has recorded a Scope 1 carbon emissions intensity of 13g CO 2 e/boe since inception. This compares to an industry average of 22kg CO 2 /boe for gas extracted from the UK continental shelf. The Q10-A normally unmanned installation is located approximately 20 km from the Dutch shore. It is powered sustainably via wind and solar power and is remotely operated, limiting offshore visits, which are conducted by boat.
