Kistos Holdings PLC on Monday - London-based low carbon intensity hydrocarbon producer seeking assets ‘with a role to play in the energy transition’ - Completes exploration drilling on the Benriach well, in Shetland. Says well encountered gas bearing sands in the target Royal Foreign formation, but notes resource is sub-commercial. Says the well was drilled ahead of schedule.

Kistos holds a 25% non-operated working interest in P.2411 licence, with TotalEnergies SA holding 50% as operator, and Rockrose Energy holding the remainder.

Chief Executive Officer Andrew Austin says: ‘Kistos remains committed to bringing additional gas volumes through the Shetland Gas Plant to add shareholder value and contribute towards domestic energy security, and we look forward to providing further updates to the markets in due course.’

Current stock price: 256.65 pence, down 5.6% on Monday

12-month change: down 41%

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