Fossil Energy – Acquisition
UK-headquartered Kistos has reached a conditional agreement to acquire all of the outstanding shares of Mime Petroleum.
Mime is headquartered in Oslo, Norway. It has an experienced management team and is focussed on development and production projects on the Norwegian Continental Shelf (NCS).
On completion, the acquisition will add 24 MMboe of 2P reserves (operator estimate) plus 30 MMboe of 2C resources, increasing total Group reserves plus resources to approximately 80 MMboe.
The acquisition will also add over 2,000 boe/d of production immediately and help to boost Group output to in excess of 15,000 boe/d in 2025 once the Jotun FPSO is on production. Management estimates enlarged Group production in 2023 will be in the range of 8,500 and 10,500boe/d.
