UK-based Kistos has successfully appealed against the Netherlands Ministry of Economic Affairs' decision not to extend the term of the M10/M11 license in the North Sea. As a result, the license has been extended by five years. Kistos holds a 60% operated working interest in the license, while its partner EBN holds the remaining 40% interest. The M10/M11 license, located in the northern area of the Dutch North Sea, is estimated to contain technically recoverable 2C resources net to Kistos of 174 billion cubic feet (Bcf) or 31.7 million barrels of oil equivalent (MMboe).

With the license extension secured, Kistos plans to drill an appraisal well to assess the field's potential for gas production through existing export infrastructure in a short timeframe. The company has completed stakeholder mapping in preparation for further drilling, and it intends to apply for a permit for the appraisal well, engaging closely with local municipalities and stakeholders before commencing the assessment phase planning work.

Andrew Austin, Executive Chairman of Kistos, expressed the positive implications of the license extension for domestic gas demand and CO2 emissions in the Netherlands. The delay in the M10/M11 project has been frustrating, but the company is pleased with the outcome and looks forward to working with local municipalities to obtain relevant permits for appraisal.

As a result of the successful appeal, Kistos now estimates Group 2P reserves of 36.2 million barrels of oil equivalent (MMboe) and 2C resources of 72.2 MMboe, bringing the overall Group 2P reserves plus 2C resources to 108.4 MMboe.

Kistos remains committed to seeking sustainable growth opportunities across the North Sea Basin. In line with this goal, the company recently entered the Norwegian Continental Shelf (NCS) after reaching a conditional agreement to acquire all outstanding shares of Norway's Mime Petroleum in May 2023.