Kistos Energy (Norway) AS (“KENAS”) update for the first quarter of 2025

07 May 2025 19:37 CEST

OPERATIONAL
Production was 2,709 b/d net to KENAS in the first quarter of 2025, with
production efficiency of 92%.
This compared to 2,717 b/d and 90% production efficiency in the fourth quarter
of 2024.
At the Ringhorne field one new production well started up in the first quarter.
The second new Ringhorne well started up during April 2025.

BALDER X
The Balder X project achieved sail-away of the Jotun FPSO from the Worley
Rosenberg yard in Stavanger in March and the vessel is safely anchored in the
Balder field. The Operator is carrying out hook-up, final completion and
commissioning of the FPSO with the assistance of a floatel that provides
significant offshore accommodation capacity to ensure efficient execution of the
remaining work scope.

All 14 production wells are completed, and the Operator reports that the project
will unlock gross proved plus probable (2P) reserves of around 150 mmboe (15
mmboe net Kistos). The Operator is planning to start production by the end of
second quarter 2025 with an expected three to four months ramp-up period to peak
area production, which is estimated to be around 110 kboepd gross (11 kboepd net
Kistos).

In addition, the drilling has commenced of six new wells as part of Balder Phase
V project that will contribute with high value production from the fourth
quarter this year. Additionally, the Balder Phase VI project is expected to be
sanctioned before year end. The Operator reports that the projects combined will
capture gross 2P reserves in the range of 45-50 mmboe.

KENAS’ 2P reserves estimate at year end 2024 is 21.2 MMBoe (net to KENAS). The
disclosed reserves position as of 31 December 2024 has been aligned with the
quantities as reported by the operator in their Annual Statement of Reserves.

FINANCIAL
KENAS entered a financing and lifting agreement (a produced quantity or PQ
arrangement) with an international oil major commencing in January 2024. Under
the terms of this arrangement, KENAS is paid for its production on a monthly
basis but the offtaker only lifts KENAS’ entitlement of crude oil once it is
sufficient to fill an offload tanker.

KENAS had no cargo offloading from the Balder FPU during the quarter.

At the end of March 2025, KENAS had cash at bank of USD 11.5 million, of which
USD 0.2 million is restricted.
KENAS had drawn USD 21 million under the terms of the revolving credit facility
from its parent company, Kistos plc, by the end of the first quarter of 2025.

In accordance with the Hybrid callable bonds 2023/2083 (ISIN:NO0012867326)
clause 11.1 item (a) (ii) KENAS notified the Bond Trustee that the Offload and
Sales threshold was not achieved by 31 December 2024, hence an aggregate nominal
Amount of USD 15,000,000 (pro rata among the Bondholders) was cancelled for nil
consideration on 10 January 2025 with the record date being 8 January 2025.
Further, and in accordance with the Hybrid callable bonds 2023/2083
(ISIN:NO0012867326), KENAS notified the Bond trustee on the 10th of February
2025 that the second Offload and Sales threshold will not be achieved by 28
February 2025. An aggregate nominal amount of USD 15,000,000 (pro rata among the
Bondholders) was cancelled for nil consideration on 3 March 2025 with record
date being 27 February 2025.

The tax refund for fiscal year 2024 is estimated to NOK 746 million. This amount
is expected to be received early December 2025.


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

James Thomson
Chief Financial Officer (Kistos Holdings plc)
Phone: +44 7495 122576
Email: james.thomson@kistosplc.com

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