Reserves & Resources increase by 41% as Appeal is Successful 

Kistos, 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).

M10/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. 

Kistos 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.

As 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.

Andrew Austin, Executive Chairman of Kistos, said:

“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 forward to working with the local municipalities to obtain the relevant permits to appraise the field.

We continue to work with our partners in all three jurisdictions to mature further resources to reserves prior to year end.”

For the purposes of UK MAR, the person responsible for arranging the release of this announcement on behalf of Kistos is Andrew Austin, Executive Chairman.

Dr Richard Benmore, Non-Executive Director of Kistos with a Bachelors, Masters and PhD in Geosciences and who has been involved in the energy industry for more than 37 years, has read and approved the disclosure in this announcement.

The Company’s internal estimates of resources contained in this announcement were prepared in accordance with the Petroleum Resource Management System guidelines endorsed by the Society of Petroleum Engineers, World Petroleum Congress, American Association of Petroleum Geologists and Society of Petroleum Evaluation Engineers.

Glossary