Kistos

Kistos has noted the announcement made today by Vår Energi, 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.”

Balder Next is turning into the gift that keeps on giving, with the seven new wells tied back to the Jotun FPSO which releases an ‘additional 11 mmboe bringing the total to 86 mmboe’ an increase of some 15%. Note the comment above where Chairman Andrew Austin states that the additional volumes will be at an ‘attractive breakeven cost of approximately $30 per barrel while supporting sustained production from the field’. 

As I said, this is another piece of good news that adds to the Kistos value as Balder will add significantly to that long term potential and guarantee that the growth for the company is assured. My Target price of 500p is still conservative and this announcement will rubber stamp future upside which will be accentuated by the completion of the Oman deal and the likelihood of further corporate activity in future.  

Star Energy

Star will hold its AGM at 11.00 a.m. this morning at the offices of Watson Farley & Williams LLP, 15 Appold Street, London, EC2A 2HB where a new corporate presentation will be provided to shareholders in attendance. This presentation is now available on our website.

Not much to add but it is certainly worth taking a look at the updated presentation, Star has an exciting future after recent activity and is without doubt a contender for the Bucket List before long. 

Eco (Atlantic) Oil & Gas

Eco has announced a mid-year update on the progress of its various workstreams across its portfolio in Namibia, Guyana, the Falkland Islands, and South Africa.

Since the beginning of 2026, Eco has significantly strengthened its portfolio through the introduction of major industry partners, strategic farm-out transactions and continued advancement across its Atlantic Margin acreage. These transactions position Eco with broad, multi-basin exploration exposure that is largely carried through key upcoming work programmes whilst maintaining a strong cash position. With several regulatory approvals and operational milestones expected in the near future, Eco is entering a period of high-impact newsflow driven by multiple near-term transaction completions, drilling catalyst and basin level developments.

Namibia

• Closing of Eco's farm-down agreement with BP Namibia Energy Ltd, a wholly owned subsidiary of BP Exploration Operating Company Limited ("BP") for PEL97, PEL99, and PEL100, announced on 12 April 2026, is progressing and, subject to the satisfaction of the remaining conditions, is expected to close in Q3 2026.
• Cash consideration of US$2.7 million payable by BP to Eco on completion of the transaction.
• BP will carry 100% of Eco's 25% retained interest, as well as Eco's proportionate share of the NAMCOR (10%) and Local Partners (5%) interest in PEL97, PEL99 and PEL100 for the current exploration phase, with a maximum aggregate carry consideration payable by BP in respect of Eco's interests of US$63 million (based on a maximum of US$21 million per asset for each license).
• Eco continues to work with its various partners to prepare for extensive proposed exploration work programmes, including the completion of the seismic reprocessing on PEL97 and carrying out a large 3D Seismic Survey of more than 3,000km2 on PEL99 and PEL100.
• The Company expects to receive the requisite government approvals for its farm-out of PEL98 to Lamda Energy (Pty) Ltd ("Lamda Energy") in Q3 2026.

Guyana

• Alongside Navitas Petroleum LP ("Navitas"), Eco's strategic partner, Eco applied for a new appraisal and exploration license over the Orinduik Block area, including the Jethro and Joe existing oil discoveries (Navitas 80%, Eco 20%). Eco and Navitas are currently in advanced Production Sharing Agreement (PSA) negotiations with Guyana's Ministry of Natural Resources regarding the new licence over the Orinduik Block area, which are expected to complete in Q3 2026.
• According to the Navitas Framework and Option agreement announced in December 2025, Eco's remaining 20% working interest will be carried in respect of the work performed in the new Orinduik Block, capped at US$11 million net to Eco (excluding mobilisation costs, if any).

Falkland Islands

• Following its farm-in to PL001 (announced on 12 January 2026) and its proposed acquisition of JHI Associates Inc ("JHI") (announced on 11 March 2026), Eco is awaiting final receipt of a five-year licence extension and approval of Navitas' operatorship of the PL001 licence from the Falkland Islands Government ("FIG").
• To date, approximately 40 prospects and leads have been identified across the licence area, with independent auditor NSAI having certified prospective resources exceeding 1.4 billion barrels of oil across 15 prospects alone. Several mapped prospects exhibit seismic characteristics analogous to the fan systems successfully discovered at the nearby Sea Lion field. Eco's net prospective resource attributable to its expected interest in PL001 is 490 million barrels of oil (mbbls)* (not including the proven Johnson Gas discovery).
• Together with incoming operator Navitas, Eco continues to advance the technical evaluation of the broader prospect inventory, focusing on high-impact drilling opportunities. Multiple stacked fan targets may provide the potential for a single exploration well to unlock substantial resource volumes and materially de-risk the wider licence area. The block's proximity to the Sea Lion development offers significant potential development synergies, leveraging existing infrastructure plans and economies of scale to support an efficient and commercially attractive pathway to monetisation.
• Eco notes Navitas' Memorandum of Understanding (MoU) for an additional optional FPSO for the neighbouring Sea Lion development, which would potentially add an additional 125,000 barrels per day (bpd) to the project's planned initial production capacity of 55,000 bpd. The Board believes this is a very encouraging signal of Navitas' commitment to the Falkland Islands and its focus on finding ways to accelerate production across its projects over Sea Lion and PL001.

South Africa

• At Block 3B/4B, Eco is awaiting a decision from South Africa's Department of Forestry, Fisheries and the Environment (the "DFFE") regarding the Environmental Impact Assessment (EIA) process for drilling permits for the block with approval expected to enable the spudding of the first exploration well on the block.
• As previously announced on 6 March 2024, Eco has secured a fully carried position through the first two exploration wells on Block 3B/4B, representing up to US$11.5 million of drilling and associated well costs funded by its farm-in partners.
• At Block 1 CBK, Navitas' farm-in, announced on 20 May 2026, is continuing to progress well with the regulatory administrative process to close the farm-in well underway, with a cash payment of US$4 million due to Eco upon completion.
• Navitas' farm-in has been very well received by in-country stakeholders, with both Eco and Navitas' technical teams working closely and collaboratively on the oil and gas prospects and the exploration potential of Block 1 CBK.
• The Company is encouraged to see the South African government's renewed focus on the importance of supporting the development of local oil and gas resources amid an impending drop in domestic gas supplies, the country's need to reduce its reliance on coal, and a growing appreciation of gas' role as a strategic enabler for South Africa's energy transition.

Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:
"In what has already proven to be a transformational year to date, multiple further value accretive workstreams remain underway across our portfolio of four diversified Atlantic Margin basins. It is good to see the a number of the sector's largest players returning to high impact Atlantic Margin exploration, and we believe Eco is perfectly positioned in four of the most attractive jurisdictions. We are excited about the coming months and the number of additional corporate, operational and financial catalysts that lie ahead."

*Source: Navitas Petroleum (PL001 - Navitas Petroleum)

Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:

“In what has already proven to be a transformational year to date, multiple further value accretive workstreams remain underway across our portfolio of four diversified Atlantic Margin basins. It is good to see the a number of the sector’s largest players returning to high impact Atlantic Margin exploration, and we believe Eco is perfectly positioned in four of the most attractive jurisdictions. We are excited about the coming months and the number of additional corporate, operational and financial catalysts that lie ahead.”

Eco is clearly in great shape both technically and financially with major partners in each of its licences that are located in the most prospective current oil and gas exploration jurisdictions. Allied to this shareholders can look forward to a string of near term corporate and operational catalysts which will ensure a continuous period of excitement and progress that will, in my view. 

The shares have been mega performers, up by 124% over six months and a massive 400% over twelve, but they are off by a short 17% in the last month. With my 150p target price that offers a great opportunity to take advantage and won’t last for long, Eco has had a space in the Bucket List for a long time and this proves that it will remain there in the interim review.

*- source: Navitas Petroleum (PL001 – Navitas Petroleum)

Original article   l   KeyFacts Energy Industry Directory: Malcy's Blog