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RNS Number : 6308L Kistos PLC 14 September 2021 14 September 2021 Kistos plc ( " Kistos " , the " Company " or the " Group " ) Interim results for the 37 weeks to 30 June 2021 Kistos ( LSE : KIST ) , the low carbon intensity gas producer pursuing a strategy to acquire assets with a role in energy transition , is pleased to provide its interim results for the period to 30 June 2021 . The numbers referred to as " actual " in this announcement include the results of Kistos plc from incorporation on 14th October 2020 and the results of Kistos NL1 and Kistos NL2 from acquisition on 20 May 2021. The " pro forma " numbers include the results of Kistos plc from incorporation on 14th October 2020 and the results of Kistos NL1 and Kistos NL2 as if they had been part of the Group from 1st January 2021 . Highlights Following the incorporation and listing on AIM of Kistos plc in the final quarter of 2020 , the Company completed the acquisition of Tulip Oil Netherlands B.V. and its wholly owned subsidiary Tulip Oil Netherlands Offshore B.V. ( subsequently renamed Kistos NL1 B.V. and Kistos NL2 B.V. respectively ) for € 223MM ( comprising € 140MM plus an € 87MM bond refinancing and other adjustments ) in May 2021 . This acquisition brought 2P reserves of 19.7 MMboe plus 2C resources of 99.1 MMboe . The Q10 - A gas field , which is operated by Kistos NL2 with a 60 % working interest , produced at an average rate of 1.42 MM sm³ / d ( gross ) , equivalent to 48 MMcf / d or 8.6 kboe / d , in the six months to 30 June 2021 . Our scope 1 emissions of 0.09 kg CO2e / boe in 2020 are industry leading . Kistos expects that position to be maintained following the recent upgrade of wind turbines on the renewably powered Q10 - A platform during the period . Kistos remains well - funded after issuing € 150MM of Nordic Bonds and raising over £ 100MM from equity investors since incorporation . Cash balances on 30 June 2021 were € 59.1MM . Given this financial strength and in line with its strategy , the Group continues to evaluate several business development opportunities in the energy transition space . Proforma unaudited period ended 30 June 2021 Production Production million sm³ 000 MWh Revenue € ' 000 Unit opex € / MWh Adjusted EBITDA € ' 000 Average realised gas € / MWh price H1 2021 H1 2020 Change % 155 190 -19 % 1,598 2,230 -28 % 33,740 17,141 97 % 3.00 1.60 88 % 29,243 20.76 12,415 136 % 7.69 170 % 1. Proforma figures are based on six months of Kistos NL1 and Kistos NL2 in each half year period and 37 weeks of Kistos plc since incorporation . 2. Non - IFRS measures . Refer to the alternative performance measures definition within the glossary at the end of this document . 3. Adjusted EBITDA is calculated on a business performance basis . Refer to the alternative performance measures definition within the glossary at the end of this document . Outlook Kistos is currently undertaking a work programme to enhance production at the Q10 - A field and appraise the Q11 - B gas discovery and the Vlieland light oil discovery . Borr Drilling's Prospector - 1 jack- up drilling rig has been on location since mid - July and is expected to remain on contract with Kistos until the end of November . As a result of this campaign , Kistos expects the Q10 - A field to exit 2021 with gross production of more than 2.0MM sm³ / d ( 71 MMcf / d or 12.7 kboe / d ) . The appraisal drilling is designed to start the process of converting approximately 100 MMboe ( gross ) of 2C resources into 2P reserves . If successful , it could lead to a further significant uplift in Kistos ' production by the mid - 2020s . We were pleased to report earlier this month that the initial results of the appraisal of the Vlieland sandstone formation , which was the first stage of the drilling campaign , were highly encouraging . After encountering the target formation on prognosis at a depth of 1,562 metres TVDss , an 825 metres