Operational In the third quarter of 2023, production from the Balder Area has averaged approximately 2069 b/d net to KENAS. However, partly due to a planned turnaround period, which was completed on schedule in August, the average rate net to KENAS in the first nine months of the year was 1839b/d. Output has been positively impacted by the restart of the gas lift riser to Ringhorne, which was temporarily shut-in during the first quarter and was permanently replaced in the third quarter during the planned Balder and Ringhorne turnaround. A new well at Ringhorne was brought on stream during the quarter. Due to the planned turnaround, production efficiency for Balder/Ringhorne was 79% in the third quarter versus 82% in the second quarter. The upgrade of the Jotun FPSO for the Balder Future development project is ongoing. Following the re-float of the vessel out of dry-dock in late in June and the subsequent safe completion of the heavy-lift installation of the turret, turntable, and gantry in July, the focus of the operator (Vår Energi ASA) is on executing the remaining construction work and commissioning. The operator has reported that the Jotun FPSO is more than 85% complete and that its target start-up date for Balder X is still the third quarter of 2024. Drilling and subsea activities are progressing according to schedule, with 9 out of 15 wells completed. The operator did not amend its 2P reserves estimate for the Balder Area during the period. As ofDecember 31, 2022 , KENAS estimated its 2P reserves to be 24 MMboe. Financial In the third quarter, 4 cargoes of crude oil were loaded from the Balder FPU. Net to KENAS, these totaled 205 kbbl, which realised an average provisional price ofUSD 82.96 per bbl. At the end of the period, KENAS had cash at bank ofUSD 6.3 MM, of whichUSD 0.4 MM was restricted. YTD, KENAS had drawnUSD 48 MM under the terms of the revolving credit facility from its parent company,Kistos plc . During the period, VårEnergi announced an increase in its gross capital expenditure estimate for Balder X. It stated that the additional expenditure is necessary due to a tighter supplier market, to mitigate schedule risk, and to improve construction productivity. For further information please contact: Olav Haugland Chief Financial Officer (Kistos Energy (Norway ) AS) Phone: +47 915 41 809 Email: olav.haugland@kistosplc.com Richard Slape Chief Financial Officer (Kistos Holdings plc ) Phone: +44 20 4531 2804 Email: richard.slape@kistosplc.com
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