Kistos Holdings plc said that first oil was now expected at the end of 2024 from the Balder and Ringhorne oil and gas fields in Norway.
ENCOURAGED
Kistos acquired a 10% interest in Balder, comprising the Balder and Ringhorne fields, and a 7.4% stake in the Ringhorne East unit via its purchase of Mime Petroleum A.S., completed in May 2023.
Joint venture partner and operator Var Energi ASA has confirmed that the upgrade of the Jotun FPSO was now 90% complete, ahead of production.
“In the event that first production is not achieved until 2025, due to the structure agreed upon through the acquisition of Mime Petroleum A.S. in 2023, the economics of the acquisition mitigate any effects of a delay by reducing the contingent consideration payable by Kistos to the Mime Petroleum bondholders,” said Kistos in a statement.
The company added it was encouraged by recent activity, particularly progress in converting more of the established 2C resources into sanctioned reserves through the ongoing drilling programme.