Kistos Holdings plc reported progress on its drilling activities offshore United Kingdom and Netherlands.
BENRIACH
The Benriach exploration well, on block 206/05c (Kistos 25%) West of Shetland has been spudded by the Transocean Barents.
Kistos said that operator TotalEnergies E&P UK estimated it was targeting P50 prospective resources of 638 bcf (160 bcf or 28mmboe net to Kistos).
The well is expected to complete during Q3 2023.
The dry hole post-tax cost net to Kistos is forecast to be £2.5 million as a result of Kistos’ tax paying position and enhanced investment allowances from the energy profits levy, added the company.
Q10-A GAS FIELD
In the Netherlands, completion of work by the Valaris 123 rig at the Q10-A gas field (operator, 60%) saw “mixed” results due to mechanical issues arising from utilising the existing well stock rather than reservoir performance issues, said the company.
Kistos’ technical team and external consultants are conducting a detailed evaluation of the results and options for future “production enhancement”.
These could include drilling further Zechstein clastics wells during 2024 in combination with development drilling at the Orion oil field.
“Engineering design work has now been completed to enable the installation of two more risers on the platform, which would allow it to host additional wells,” added Kistos.
“The Orion field continues to progress through the concept select phase, which Kistos is undertaking with the assistance of Rockflow Resources.”