Kistos, the low carbon intensity gas producer pursuing a strategy to acquire assets with a role in energy transition, today announced that Borr Drilling's Prospector-1 jack-up drilling rig has arrived on location at the Q10-A field (Kistos 60%) and that the Company's 2021 drilling campaign is underway. The work programme is scheduled to last approximately four months and to start the process of converting approximately 100 MMboe (gross) of 2C resources into 2P reserves.

As previously announced, planned activities include the appraisal of the Q11-B gas discovery, conducting a flow test of the Vlieland light oil discovery and other activity designed to enhance production from the existing Q10-A well stock. Kistos expects the Q10-A gas field to exit 2021 with gross production of more than 2.0 MM Nm3/d (71 MMcf/d or 12,700 boe/d).

Commenting, Andrew Austin, Kistos' Interim CEO, said:
"One of the key attractions of the Kistos portfolio is the significant near-term upside potential. We expect that this drilling campaign will start the process of realising that potential and will result in strong organic growth in our reserves and in our production. We look forward to reporting on the progress of our work programme in the coming months."

Q10-A Field:

The Q10-A gas field was discovered through an appraisal/development well drilled in 2015 into the Q10-A structure, which lies 20km offshore the Netherlands, straddling the Q07/Q10a production licences. FID was taken in January 2018, and commercial gas production was achieved in February 2019, from a development comprising a remotely operated, unmanned platform with six well-slots, located in a shallow 21m water environment. Produced gas is exported through a dedicated 42km pipeline to the third party P15-D platform where it is processed for onward transportation to shore. Remaining reserves are estimated to be 19.7mmboe net to the company, and have been assigned through an independent CPR, effective 31/01/2021.