Kistos completes Tulip NL deal
Privately backed Kistos has completed its acquisition of Tulip Oil Netherlands with effect from January 1, and on the terms agreed April 21. It has also decided on a Dutch North Sea drilling programme this year, it said May 21.
Kistos said its emissions would be net zero from completion. The producing asset Q10-A is powered by wind and solar energy and production from the not-normally-manned platform averages 0.013kg CO2e/barrel of oil equivalent (boe) since first gas, against a UK North Sea average of 22kg CO2e/Boe. The company will work with independent auditors to monitor and ensure compliance with the objective, it said.
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Production in the year to date has been in line with expectations, while gas prices have been higher than expected. Group cash at bank on closing is £46.8mn ($66.5mn) implying net debt of £82.2mn.
The board also announced that it has sanctioned, subject to partner approval, the appraisal of the Q11-B discovery as well as a drilling and workover campaign on the Q10-A field. Drilling activities are expected to start in the second half of 2021. The primary objectives are to appraise additional horizons in the Q10-A area whilst enhancing potential production rates with the sidetrack of the Q10-A04 well and workover of the Q10-A06 well.
Interim CEO Andrew Austin said the company looked forward to extending its reserves base and increasing its presence in the Q Block core area. He said the Tulip team had "shown great professionalism and ability in the way they have led activity in the Q-Block area to date."