Business
Operational Update - Benriach Exploration Well
Operational Update - Benriach Exploration Well.
About this update from Kistos Holdings Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) (UK MAR). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n19 June 2023\n\n \nKistos Holdings plc\n \n(\"Kistos\" or \"the Company\" and, together with its subsidiaries, \"the Group\")\n \nOperational Update on the P.2411, Benriach Exploration Well\n \n \nKistos (LSE: KIST), the low carbon intensity hydrocarbon producer pursuing a strategy to acquire assets with a role in energy transition, announces the conclusion of exploration drilling on the Benriach well (\"the well\"), West of Shetland. The well encountered gas bearing sands in the target Royal Sovereign formation. However the discovered resource is expected to be sub-commercial. The well has been drilled ahead of schedule and the final cost is expected to be within previous guidance. Kistos Energy Limited holds a 25% non-operated working interest in licence P.2411, partnered with TotalEnergies (\"operator\", 50%) and Rockrose Energy (25%).\n \nThe Transocean Barents rig was mobilised from Olen, Norway and spud the well on 21 March. A total measured depth of ~4,400 metres was reached, and an extensive data acquisition programme has been conducted. This confirmed the presence of gas-bearing sands in the target Royal Sovereign formation. Analysis of the acquired data will now be undertaken by the operator.\n \nHighlights\n· Gas bearing reservoir confirmed in the Royal Sovereign formation\n· Excellent operational performance by the Transocean Barents rig, resulting in completion of activities ahead of schedule.\n· Zero Lost Time Incidents / First Aid Cases reported by either staff or contractors to date.\n· Extensive data acquisition programme completed, including rotary sidewall cores, full wireline coverage, live pressures and fluid samples.\n \n \n \nAndrew Austin, Executive Chairman of Kistos, said:\n \n\"The operational performance has been excellent, and I would like to thank TotalEnergies and the team on the Transocean Barents rig, ...