Kistos' Jotun FPSO achieves peak production ahead of schedule

Kistos Holdings plc announced that the Jotun FPSO has reached peak production, significantly ahead of schedule. Brought online on June 22, 2025, the Jotun FPSO now has all 14 subsea production wells operational, contributing over 80,000 barrels of oil equivalent per day (boepd). This, combined with 30,000 boepd from the Balder FPU and Ringhorne facilities, brings the gross output for the Balder Area to over 110,000 boepd. Kistos holds a 10% stake in the Balder Area.

Further development in the Balder Area includes Phase V, with two of six new multi-branch subsea production wells expected to come online in Q4 2025 and the remainder in 2026. Balder Phase VI, sanctioned on June 18, 2025, will target 15m boe (gross) via a new multi-lateral well tied to the Jotun FPSO, with start-up anticipated by the end of 2026.

Despite a planned shutdown affecting Q10-A production and natural decline in GLA, Kistos reaffirmed its full-year average daily production guidance of 8,000 - 9,000 boepd. Group production reached 16,000 boepd on September 8. Cash at June 30, 2025, stood at $104m, with net debt at $86m, reflecting significant capital expenditure on the Balder Future project.