Kistos Holdings plc has completed its US$111 million acquisition of all the outstanding shares of Mime Petroleum A.S. with assets in the Norwegian Continental Shelf.
OBJECTIVES
The company said that the purchase adds 24 MMboe of 2P reserves at Balder and Ringhorne, based on the operator’s estimate.
An additional 30 MMboe of 2C resources are comprised of further “upside” in Balder and Ringhorne plus the 2021 King oil discovery.
Total group reserves and resources will increase to approximately 80 MMboe.
The acquisition would also immediately add more than 2,000 boe/d of production and help boost group output to in excess of 15,000 boe/d in 2025 once the Jotun FPSO is on production.
Executive chairman Andrew Austin said that the acquisition signified Kistos’s commitment to securing sustainable growth opportunities across the North Sea Basin.
“Mime’s assets give us visibility on a rising production profile over the next few years whilst enabling us to maintain our industry-leading Scope 1 and Scope 2 CO₂ emissions in the medium term.
“The focus now will be on immediately integrating Mime into Kistos.
“We look forward to working with Mime’s experienced management team and leveraging their valuable knowledge of the assets and basin to achieve our shared objectives for the group, while maintaining the responsible energy production at the heart of our operations.”