Kistos Announces Commencement of 2021 Drilling Campaign

Source: www.gulfoilandgas.com 7/20/2021, Location: Europe

Kistos, the low carbon intensity gas producer pursuing a strategy to acquire assets with a role in energy transition, has announced that Borr Drilling's Prospector-1 jack-up drilling rig has arrived on location at the Q10-A field (Kistos 60%) and that the Company's 2021 drilling campaign is underway. The work programme is scheduled to last approximately four months and to start the process of converting approximately 100 MMboe (gross) of 2C resources into 2P reserves.

As previously announced, planned activities include the appraisal of the Q11-B gas discovery, conducting a flow test of the Vlieland light oil discovery and other activity designed to enhance production from the existing Q10-A well stock. Kistos expects the Q10-A gas field to exit 2021 with gross production of more than 2.0 MM Nm3/d (71 MMcf/d or 12,700 boe/d).

Commenting, Andrew Austin, Kistos' Interim CEO, said:

"One of the key attractions of the Kistos portfolio is the significant near-term upside potential. We expect that this drilling campaign will start the process of realising that potential and will result in strong organic growth in our reserves and in our production. We look forward to reporting on the progress of our work programme in the coming months."


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