Jotun FPSO has reached peak production

10 Sep 2025 08:05 CEST

Today, the operator of the Balder field Vår Energi ASA, has announced that Jotun
FPSO has reached peak production ahead of schedule.

The Jotun FPSO was brought onstream on 22 June 2025. All 14 subsea production
wells are now online and producing in line with expectations.

Production from the Jotun FPSO is now over 80,000 barrels of oil equivalent per
day (boepd), adding to the approximately 30,000 boepd from the Balder FPU and
Ringhorne facilities. This brings the total output for the Balder Area to more
than 110,000 boepd (gross), with Kistos holding a 10% stake in the license.

Balder Phase V is ongoing. Six new multi-branch subsea production wells are
underway, with expected production rates and reserves equivalent to the wells
installed within the Balder Future project. Two of the Phase V wells are
expected to come on stream in Q4 of this year, with the remaining wells being
completed during 2026

Balder Phase VI is being progressed following the positive investment decision
announced on 18 June 2025. The project consists of a single multi-lateral well
tied back to the Jotun FPSO via the installation of a new subsea template and
flowline. The project will target reserves of approximately 15 mmboe (gross),
with start-up expected by the end of 2026 and payback in less than one year.

Reference is made to the Trading Statement and Production Update as published by
Kistos Holdings plc today (enclosed).

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

More information:
Access the news on Oslo Bors NewsWeb site

655007_Trading Statement and Production Update 100925.pdf