Kistos Holdings Plc · LSE:KIST
Kistos — H1 2024 Earnings Presentation
26 slides from Kistos's earnings presentation, Nov 11, 2024
Slide 1: Analyst presentation
Analyst presentation 11 November 2024 1
Slide 2: Disclaimer
Disclaimer Disclaimer This presentation and its enclosures and appendices (the “presentation”) have been prepared by Kistos plc (the “Company”) exclusively for information purposes. This presentation has not been reviewed or registered with any public authority. This presentation is confidential and
Slide 3: Board of Directors
Our team Board of Directors Experienced management team with a successful track record of delivering growth and returns Executive management team James Thomson Andrew Austin Peter Mann Richard Slape Deputy Executive Chairman Chief Executive Officer Chief Financial Officer Chief Financial Officer And
Slide 4: Strategy
Our strategy Strategy Generating value across the upstream and midstream markets Accelerated growth Accelerating growth through pursuing value-accretive M&A Our Journey opportunities with a flexible mandate, allowing us to capitalise on overlooked opportunities beyond the traditional E&P OCT NOV MAY
Slide 5: Key highlights
H124 highlights Key highlights Another period of portfolio growth Completed Supportive fiscal regime H1 2024 actual FY 2024 production acquisition of EDF’s in Norway provides for production rate of guidance of UK gas storage 71.8% rebate in case of 8.4 kboepd 7.5 – 8.5 kboepd incurred loss business
Slide 6: H1 2024 Interim results
KISTOS H12024 Interim results
Slide 7: Income statement
Financial review Income statement Managing production downtime and weaker sales prices, while diversifying revenue with gas storage assets Actual production decreased by 7% year-on-year versus H1 2023 pro forma production. This reflected a natural decline in H1 24 H1 23 H1 23 the UK and Netherlands
Slide 8: Balance sheet and capital structure
Financial review Balance sheet and capital structure Strong balance sheet and access to liquidity to continue funding existing developments and provide access to new opportunities Unrestricted cash at the period end decreased due to the settlement of 2022 UK tax liabilities, cash consideration paid
Slide 9: Substantial future cash generation
Financial review Substantial future cash generation Existing assets will generate material cash flow over the next 4 years The chart shows indicative EBITDA from Kistos existing 2P reserves at oil and gas prices in line with those currently prevailing in the spot market. After deducting committed ca
Slide 10: Our operations
& KISTOS Our operations
Slide 11: Portfolio overview
Our operations Portfolio overview A diverse and balanced portfolio across the energy life cycle Balder Area Gas storage Greater Laggan Area The Netherlands 3 4 21 36 Operating Production and Oil and gas Producing jurisdictions development hubs licences wells Production1, Average daily Norway product
Slide 12: Balder Area
Balder Area Balder Area New wells increasing Balder production H1 2024 net production: 2,800 boepd 6 22.3 mmboe 28.2 mmboe Number of licences 2P Reserves 2C Resources1 Balder and Ringhorne Production from the Balder, Ringhorne and Ringhorne Øst fields increased by 65% YoY. This reflected the increas
Slide 13: Balder Future and Balder Phase V
Balder Area Balder Future Balder Phase V Adding 150mmboe1 2P reserves and 80kboepd Targeting 2P reserves of peak production2, with a cost of ~$5/boe more than 30mmboe1 Final Investment Protecting Decision shareholders Subsea infrastructure installation Kistos shareholders are protected by cost incre
Slide 14: Hill Top gas storage
Gas storage Hill Top Diversification of revenue streams H1 2024 intrinsic seasonal trade: $5.6 million1 Completed acquisition of EDF’s onshore gas storage business in Cheshire, UK, for £25 million. This deal is in line with our strategy to pursue opportunities that align with the energy transition.
Slide 15: Hole House
Gas storage Hole House Optimising our assets to maximise returns Kistos is evaluating the economics of recommissioning the Hole House facility which could increase net working gas by ~60%. The caverns were developed specifically for gas storage and were operational from 2001 through to 2018. Hole Ho
Slide 16: Greater Laggan Area
Greater Laggan Area Greater Laggan Area Average production rate above expectation H1 2024 net production: 3,400 boepd 8 3.0 mmboe 6.25 mmboe Number of licences 2P Reserves 2C Resources1 Laggan, Tormore, Glenlivet, and Edradour Net production was above expectations at an average rate of 3,400 boepd.
Slide 17: Further development and exploration
Greater Laggan Area Further development and exploration Glendronach development Third-party throughput The nearby Victory development (Shell 100%) is Following a review of the relative merits of the two near-term planned to be a single subsea well tied back to opportunities, the JV partners have dec
Slide 18: Q10-A area
The Netherlands Q10-A area A world-class setup powered by renewables H1 2024 net production: 2,200 boepd 12 2.6 mmboe 1.35 mmboe Number of licences 2P Reserves 2C Resources1 , 2 Q10-A Net production from Q10-A was 2,200 boepd compared to 3,100 boepd in H1 2023. Output was adversely impacted by an un
Slide 19: Orion and M10-A / M11
The Netherlands Orion and M10-A / M11 Progressing near-term development and exploration opportunities Orion M10-A/M11 The second phase of Orion Concept Kistos has applied for a permit to drill an Select concluded in H1 2024 with the appraisal well prior to 28 February 2024, finalisation of the techn
Slide 20: Sustainability
Sustainability 20
Slide 21: Our impact
Sustainability Our impact Generating returns for our stakeholders in a way that benefits current and future generations Case study: Balder Area As part of the Balder Area development and renovation plans, CO2 emissions from the fields are expected to fall by more than 50% to <8kg/boe in Caring for t
Slide 22: Our progress
Sustainability Our progress Maintaining high operational and safety standards, while meeting our industry-leading carbon emissions targets Safety performance Carbon emissions (kg CO2/boe) 0 Zero lost time incidents (LTI) UK natural domestic gas production 79 0 Zero Incidents of non-compliance and im
Slide 23: Tidal energy investment
Sustainability Tidal energy investment Investment supports Sustainability commitments and exposure to disruptive tidal energy technology Tidal potential Spiralis Energy Tidal energy harnesses the natural A tidal company with a unique proposition based on its Axial Skelter ebb and flow of tides at pr
Slide 24: Outlook
Outlook 24
Slide 25: Building growth and maintaining momentum
Outlook Building growth and maintaining momentum Substantial progress and expansion over an accelerated timeline Our Journey Our Future OCT NOV 2020 2020 Acquisitions Growth Incorporation AIM Listing AIM Listing Completed 4 acquisitions in 4 24% uplift in Hill Top working years, further M&A appetite
Slide 26: Kistos plc contact details
Kistos plc 2nd Floor 3 St James’s Square London SW1Y 4JUA United Kingdom 26