10th Sep 2025 12:39
(Alliance News) - Kistos Holdings PLC on Wednesday backed its full-year outlook, noting that its Balder Future project had reached peak production ahead of schedule.
The London-based energy company operates in the upstream and midstream oil markets.
Kistos left its 2025 production guidance unchanged, and continues to target between 8,000 and 9,000 barrels of oil equivalent per day.
The firm's Balder Future has reached peak production, with all 14 oil wells currently online and producing as per guidance.
The firm's Executive Chair Andrew Austin commented: "Further near-term development of the Balder Area is now ongoing, unlocking additional value at a low cost with greater certainty."
Production at Jotun now exceeds 80,000 boepd. Jotun is a floating production storage and offloading vessel and was brought onstream in June. It adds to around 30,000 boepd from the Balder FPU and Ringhorne facilities, raising the Balder license's gross output above 110,000 boepd. Kistos has a 10% stake in the license.
Balder Phase V is ongoing, the firm said, with six subsea wells underway as of Wednesday. Two of these are expected to go online in the fourth quarter of 2025, while the rest are targeting completion in 2026. Kistos anticipates the project's production rates and reserves matching those of Balder Future.
Additionally, Balder Phase VI is in progress, and will include a single well tied back to the Jotun vessel. Kistos in June confirmed a final investment decision for Phase VI. It will aim for 15 million boepd, beginning by the end of 2026, and paying back in less than one year.
Kistos noted that gas production at its Q10-A facility slowed when a planned shutdown lasted longer than expected, though this was offset by flush production after the site's July start-up.
The beginning of production at the Victory gas field, run by Shell PLC and part of the GLA project, is expected to lower operating expenses.
Kistos noted that GLA's 40% owner TotalEnergies SE maintains its stake and "will continue to operate the assets responsibly" despite trouble selling assets to Prax Group Ltd. Prax, a subsidiary of State Oil Ltd, filed for insolvency earlier this year.
Separately, Kistsos said that it expects a final investment decision on reinstating the Hole House project late in the third quarter of 2025. A positive decision would increase working capacity by 63%, Kistos said.
Austin added that the firm continues to eye acquisitions, with a remit beyond the North Sea, but is "committed to only pursuing opportunities that provide a good balance to our current portfolio."
Kistos shares rose 1.5% to 165.00 pence on Wednesday morning in London.
By Holly Munks, Alliance News reporter
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