Kistos Holdings plc ended 2024 with a cash balance boosted by $84 million in tax rebates for the previous year relating to its Norwegian assets.
BALDER AREA
The company’s trading statement showed total cash of $144m with undrawn cash of a further $20m in place.
Proforma net debt totalled approximately $45 million including tax rebates within the next year.
The company’s hybrid bond debt, contingent on operational milestones, has reduced from $45m to $30m.
Approximately $65 million of tax rebates is expected in 2025 from Kistos’s investments made during 2024.
Proforma production for 2024 averaged 8,050 boepd, in line with full year guidance, while the company’s year-end net 2P reserves were estimated to be 24.6 mmboe.
The company posted guidance for 2025 at 8,000 boepd to 9,000 boepd.
Upgrades to the Jotun FPSO are nearing completion for operations beginning mid-year in the Balder Area, in which Kistos holds 10%.
Operator Vär Energi estimates that the Balder Future project will target gross production of 80 kboepd through the Jotun FPSO and gross 2P reserves of 150 mmboe, said Kistos.
A six-well campaign is due to begin during the first quarter on Balder Phase V, targeting 2P reserves in excess of 30 mmboe, using the COSL Pioneer semi-submersible drilling rig.
Completion is due during 2026.
The company also expects an investment decision in the first half of 2025 for Phase VI
Executive chairman Andrew Austin added that the received and expected tax rebates continued to demonstrate the strong investment environment in Norway.
“The company remains well-placed to fund existing developments and future growth opportunities.”