Jotun FPSO Sail Away

13 March 2025

Kistos Holdings plc

("Kistos" or "the Company")

Balder Future Update - Jotun FPSO Sail Away

Kistos (LON: KIST), an independent energy company focused on generating value across the upstream and midstream markets, notes the announcement made today by Vår Energi, the Operator of the Balder Area, regarding the tow-out of the Jotun FPSO from the Worley Rosenberg yard in Stavanger, Norway.

The first stage of the Jotun sail away programme will commence with the FPSO vessel performing inclination tests at the quayside before being towed to Åmøyfjorden for inshore sea trials and anchor installation work. After this, the vessel will be towed to the field for installation. With all 14 production wells completed and associated subsea equipment installed, the tie-up and final commissioning of the Jotun FPSO is expected to be undertaken over the coming months, with first oil targeted for the end of Q2.

The Jotun FPSO sail away represents an important milestone in the Balder Future project and redevelopment of the Balder Area, extending the life of the field beyond 2045. Once online, the project is expected to increase the area's peak daily production by 80,000 boepd (gross), which is expected to occur approximately three to four months following first oil.

Furthermore, it is expected that the completion of Balder Future and the commitment of the partners to this project will unlock future infill drilling, exploration opportunities, and tie-back developments with a short time to market. Kistos, alongside the Operator, is progressing with further development and exploration projects across the Balder Area with a view to converting 2C resources to 2P reserves in the short to medium term.

Andrew Austin, Executive Chairman of Kistos, commented:

"The Jotun FPSO sail away is a major milestone for the Balder Future project, ensuring it remains on track to deliver first oil by the end of Q2 ahead of reaching peak production by year-end, with 8,000 boepd net to Kistos in addition to the current Balder Area Production of circa 3,000 boepd net. This near-term production uplift is expected to have a meaningful impact on our cashflow.

Beyond first oil, we remain focused on converting contingent resources into reserves and are actively working alongside the Operator to progress the new appraisal and development opportunities that the installation of the Jotun FPSO will offer across Balder. This represents a significant upgrade in the infrastructure to extract hydrocarbons from what is recognised as a prolific basin. We are excited to be part of this journey."

Vår Energi is Operator (90%) of the Balder field with Kistos Energy Norway AS as partner (10%).

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