Kistos Energy (Norway) AS (KENAS) update for the first quarter of 2024

31 May 2024 16:52 CEST

OPERATIONAL

Production from the Balder Area was 2,859 b/d net to KENAS in the first quarter
of 2024 with a production efficiency of 96%. This compared to 3,030 b/d and 98%
production efficiency in the fourth quarter of 2023. A new Ringhorne well was
brought onstream in February.

BALDER X

The Balder X project is progressing with high activity on the Jotun FPSO at the
Rosenberg yard in Norway, on the offshore installation campaigns, and on
drilling operations with the West Phoenix rig.

Actions taken over recent months to increase both construction volume and
commissioning work on the Jotun FPSO have yielded results. The FPSO is
approximately 95% complete and completion of the project is in sight. The focus
now is to undertake the remaining construction work in the right sequence to
allow commissioning to progress.

Most of the subsea equipment is installed and 11 out of 14 production wells are
successfully completed. Both drilling and subsea activities are progressing
according to schedule.

The operator continues to schedule start-up of Balder X in the fourth quarter of
2024, contingent upon the completion of the work and inshore sail away in August
2024. However, there is a risk that weather conditions will not allow offshore
installation activities in the autumn of 2024. In such a scenario, the
worst-case start-up would be at the end of second quarter in 2025.

On 8th February 2024, the operator released its “Annual statement of reserves
2023” with an estimated gross 2P reserves for the Balder Area of 219 MMboe (21.9
MMboe net KENAS).

FINANCIAL

KENAS entered a new financing and lifting agreement (a produced quantity or PQ
arrangement) with an international oil major commencing in January 2024. KENAS
invoiced USD 20.7 million related to hydrocarbon volumes for the first quarter.
The average provisional price was USD 80.54 per bbl during the period. One
physical cargo of 54,393 bbl net to KENAS was lifted from the Balder FPU during
the quarter.

At the end of March 2024, KENAS had cash at bank of USD 11.4 million, of which
USD 0.1 million was restricted. KENAS had drawn USD 14.9 million under the terms
of the revolving credit facility from its parent company, Kistos plc, by the end
of the first quarter of 2024.

In early December 2024, the Company expects to receive a total tax refund of
approximately NOK 900 million, excluding interest, for the fiscal year 2023.

At the end of Q1 2024, KENAS had a book value of equity of approximately NOK 40
million.


For further information please contact:
Olav Haugland
Chief Financial Officer (Kistos Energy (Norway) AS)
Phone: +47 915 41 809
Email: olav.haugland@kistosplc.com

Richard Slape
Chief Financial Officer (Kistos Holdings plc)
Phone: +44 20 4531 2804
Email: richard.slape@kistosplc.com

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