Kistos Holdings, an oil and gas producer, announced on Friday that its M10/M11 license has been extended for an additional five years. This decision comes after a successful appeal against the Netherlands Ministry of Economic Affairs, who initially denied the extension. As a result, Kistos Holdings has boosted its reserves and resources estimates.
Increased Reserves and Resources Estimates
Kistos Holdings currently estimates its group 2P reserves, the sum of proved and probable reserves, to be 36.2 million barrels of oil equivalent (boe). Additionally, the company estimates that it has 72.2 million boe in 2C resources, which refers to the quantities of petroleum estimated to be potentially recoverable.
Application for an Appraisal Well Permit
Following the license extension, Kistos Holdings plans to apply for a permit to construct an appraisal well. This will further enhance their operations and provide valuable insights into the potential of their resources.
Joint Venture Partnership
Kistos Holdings has a 60% operated working interest in the license, with Energie Beheer Nederland holding the remaining 40%.
At 0742 GMT, Kistos Holdings shares rose by 9.5 pence, or 4.2%, reaching a total of 238.5 pence.