These include a 20% stake in the Greater Laggan Area (GLA) producing gas fields and associated infrastructure as well as interests in other exploration licenses, including 25% of the 638-Bcf Benriach prospect in Block 206/4a.
The deal adds about 6,000 boe/d net to Kistos’ production and marks its entry into the UK Continental Shelf.
In the GLA, the producing fields are Laggan, Tormore, Edradour and Glenlivet, and the package includes 20% of the 2018 Glendronach gas discovery. A final investment decision on the development should follow later this year.
TotalEnergies plans a single production well tied into the GLA infrastructure.
Andrew Austin, executive chairman of Kistos, said progression of the Benriach/Glendronach projects “is expected to meet the investment criteria for the UK’s recently implemented Energy Profits Levy."