Kistos partner Var takes final investment decision on Balder Next New Wells

18th Jun 2026 11:42

(Sharecast News) - Kistos said on Thursday that its partner and operator Vår Energi had taken a final investment decision on the Balder Next New Wells project in the Norwegian North Sea.

The AIM-traded firm said the project would comprise seven new production wells tied back to the Jotun FPSO, with start-up expected in the fourth quarter of 2027.

Vår said the development would add 86 million barrels of oil equivalent of gross proved plus probable reserves, up from the 75 million barrels previously indicated, with a breakeven of around $30 per barrel of oil equivalent and an internal rate of return of more than 35%.

Kistos, which holds 10% of the Balder field, said the project would support sustained production and further upside from its Norwegian portfolio.

Executive chair Andrew Austin said the sanctioning marked "another important milestone" for Kistos in the Balder Area and highlighted the strength of its partnership with Vår.

At 1130 BST, shares in Kistos Holdings were up 1.7% at 239p.

Reporting by Josh White for Sharecast.com.

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