Kistos Achieves First Oil from Jotun FPSO
Why we think this is neutral
This RNS announcement provides a general update on the start of production from the Jotun FPSO, which is a significant milestone for Kistos. However, it does not contain any specific financial or operational figures that would warrant a more positive or negative sentiment score.
Key Points
- Kistos announces start of production from Jotun FPSO in Norway
- Production expected to ramp up to 11,000 boepd (net) within 3-4 months
- Jotun FPSO to have low operating cost of around USD 5 per barrel
- Estimated gross proved plus probable recoverable reserves of 150 million barrels of oil equivalent
Summary
Kistos Holdings plc (LON: KIST) has announced the start of production from the Jotun FPSO in the Balder Area, Norway. This marks a significant milestone for the company, with production expected to ramp up over the next few months and add 8,000 boepd (net) to Kistos' existing 3,000 boepd (net) from the wider Balder Area. The Jotun FPSO is expected to have a low operating cost of around USD 5 per barrel and estimated gross proved plus probable recoverable reserves of 150 million barrels of oil equivalent.