Kistos Holdings Plc (KIST.L), a British oil company, said on Wednesday that its proforma oil production for the full-year 2024 averaged 8,050 barrels of oil equivalent per day, or boepd, in line with its guidance.
For the full-year 2025, Kistos expects its oil production to be in the range of 8,000 boepd to 9,000 boepd.
The company noted that the receipt during December 2024 of the 2023 tax rebate of $84 million related to its Norwegian assets has further simplified and strengthened its balance sheet. It also expects to receive around $65 million of tax rebates in 2025 in respect of investments made in 2024.
Looking ahead, Andrew Austin, Executive Chairman of Kistos, said: "As we enter 2025, a major milestone remains the further expansion of our production profile in Norway, driven by first oil from the Balder Future development. The next major development chapters in the area will also commence this year, with Balder Phase V commencing drilling, whilst we anticipate that Var Energi will focus significant resources on maturing the Phase VI and 2C opportunities which have been identified on the Balder area."
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