Fossil energy – acquisition
Kistos has completed its EUR 222.75 million acquisition of Tulip Oil and has approved 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 commence 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.
For this drilling campaign, Borr Drilling jack-up Prospector 1 will be utilized. The jack-up is fitted with a SCR system, which is expected to reduce the emissions of nitrogen oxide, carbon oxide, and hydrocarbon by 90-95 per cent.
Andrew Austin, the interim CEO, said: “We are very excited for the future of Kistos, with a proven low cost production base from the Q10-A field and two further appraisal wells planned this year, we look forward to extending our reserves base and increasing our presence in the Q Block core area. We welcome the team of Tulip on board. They have shown great professionalism and ability in the way they have led activity in the Q-Block area to date. We look forward to working together as we continue to grow Kistos into a company which can play a role in the broader energy transition.”