11th Apr 2025 10:29
(Alliance News) - Kistos Holdings PLC on Friday said its loss widened during 2024, as production and average sales prices declined.
The London-based buyer and manager of companies in the energy sector said its pretax loss widened to USD95.9 million during 2024 from USD49.1 million in 2023.
Revenue declined 3.0% to USD216.3 million from USD223.0 million, and general and administrative expenses increased 45% to USD18.7 million from USD12.9 million.
Exploration and development costs were reduced to USD1.0 million from USD3.6 million, while abandonment expenses were up at USD3.5 million from USD1.8 million.
"Strong production across the portfolio, particularly from the [Greater Laggan Area], has ensured we met production guidance for the year, despite delays to the Balder Future project. In our pursuit of growth, we have added diversity to our portfolio with the addition of the Hill Top and Hole House gas storage facilities in Cheshire, expanding our midstream market position and diversifying our revenue," said Executive Chair Andrew Austin.
"2025 is an exciting year for Kistos. The Balder Future project in Norway, once on-stream, will significantly increase group production and cashflow while also increasing the ratio of oil in our portfolio."
Looking ahead, Kistos confirmed guidance for production between 8,000 and 9,000 barrels of oil per day equivalent for 2025.
This compares to average daily production of 8,050 barrels a day during 2024, down 8.5% from 8,800 barrels in 2023.
The average realised sales price for the year was 9.2% lower, at USD69 per barrel of oil from USD76 in 2023.
Chair Austin continued: "Beyond our existing operations, we remain committed to exploring growth opportunities that will drive substantial returns for our investors. As well as assessing opportunities in familiar territories, we are also considering new geographies which could offer near-term value accretion."
Shares in Kistos were up 0.8% at 123.00 pence in London on Friday morning. The stock is down 26% over the past year, however.
By Emily Parsons, Alliance News reporter
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