Business
Balder Next FID
Kistos Holdings plc announced that its partner Vår Energi has taken a final investment decision on the Balder Next project, which will add seven new production wells to the Jotun FPSO. This project is expected to increase gross production by an additional 11 million barrels of oil equivalent (mmboe), bringing the total to 86 mmboe, with an attractive breakeven cost of approximately USD 30 per barrel of oil equivalent (boe). The project demonstrates strong economics with an internal rate of return exceeding 35 percent and is anticipated to start production in the fourth quarter of 2027, supporting sustained production and long-term value creation. Disclaimer*
About this update from Kistos Holdings Plc
THIS 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. 18 June 2026 Kistos Holdings plc ("Kistos" or "the Company") Balder Next FID Kistos (LON: KIST), an independent energy company focused on unlocking value within its existing portfolio and through value-accretive M&A, notes the announcement made today by Vår Energi ("Vår" or "the Operator"), the operator of the Balder Area, Norway. Vår, in partnership with Kistos, has taken a final investment decision (FID) on the Balder Next project, which will deliver seven new production wells from the Jotun FPSO. Andrew Austin, Executive Chairman of Kistos, commented: "The sanctioning of the Balder Next New Wells project marks another important milestone for Kistos in the Balder Area. Building on the successful start-up of the Jotun FPSO last year, this project, comprising seven additional wells, will deliver significant additional volumes at an attractive breakeven cost of approximately USD 30 per boe while supporting sustained production from the field. Following the project's delivery, we will have increased gross production by an additional 11 mmboe from the previously communicated figure of 75 mmboe earlier this year by the Operator, bringing the total to 86 mmboe. Our investment in Norway continues to deliver significant upside for the Company and its shareholders, highlighting the strength of the partnership with Vår in delivering high-quality, value-accretive developments on the Norwegian Continental Shelf." Full Vår Energi press release below: Sandnes, Norway, 18 June 2026: Vår Energi ASA (OSE: VAR, "Vår Energi") has taken final investment decision (FID) on the Balder Next New Wells project in the North Sea, progressing the next phase of development in the Balder area and supporting the Company's long-term production target. "This project demonstrates our ability to mature and execute a portfolio of high-quality developments, excellent resource management, supporting production growth and long-...
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