Business
Successful Appeal - M10/M11 Licence
Successful Appeal - M10/M11 Licence.
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 \n21 July 2023\n\n \nKistos Holdings plc\n \n(\"Kistos\" or \"the Company\")\n \nReserves & Resources increase by 41% as Appeal is Successful\n \n \nKistos (LSE: KIST), the low carbon intensity hydrocarbon producer pursuing a strategy to acquire assets with a role in energy transition, is pleased to announce that further to its announcement on 30 May 2023 it has successfully appealed against the Netherlands Ministry of Economic Affairs decision not to extend the term of the M10/M11 licence. This ruling is effective immediately and the licence is extended by five years. Kistos NL1 B.V. holds a 60% operated working interest in the licence and is partnered with EBN (40% working interest).\n \nM10/M11 sits in the northern area of the Netherlands North Sea Shelf and is estimated to contain technically recoverable 2C resources net to Kistos of 174 Bcf or 31.7MMboe. These resource estimates have been independently compiled in a technical report undertaken by a third party in accordance with the Petroleum Resources Management System (PRMS) standards for classification and reporting. Kistos has completed stakeholder mapping in preparation for further drilling of the field.\n \nKistos will now apply for a permit for an appraisal well, engaging closely with the local municipalities and stakeholders prior to commencing any assessment phase planning work.\n \nAs a result of this positive news, Kistos estimates Group 2P reserves of 36.2MMboe and 2C resources of 72.2MMboe, making the overall Group 2P reserves plus 2C resources, 108.4MMboe.\n \n \nAndrew Austin, Executive Chairman of Kistos, said:\n \n\"This is very good news both for Kistos and for the Netherlands. It increases the potential for domestic gas demand to be met with domestic supplies, which has positive implications for CO2 emissions. Whilst the delay to the M10/M11 project has been frustrating, we are pleased that the right outcome has been achieved and look ...