Investment Firm Kistos Acquires Mime Petroleum, Gains Access to Norway's Offshore Oil Fields

Credit: Var Energi
Credit: Var Energi

The investment firm Kistos said Tuesday it had acquired all of the outstanding shares of Norway-focused oil company Mime Petroleum A.S. ("Mime") from Mime Petroleum S.a.r.l.

Mime holds a 10% interest in the Balder joint venture, comprising the Balder and Ringhorne fields offshore Norway, and a 7.4% stake in the Ringhorne East unit, all operated by Var Energi.

Completion of the acquisition marks Kistos' entry into the Norwegian Continental Shelf. 

Based on operator estimates, 2P reserves at Balder and Ringhorne were 24 MMboe net to Mime at the end of 2022. In addition, Kistos estimates Mime has net 2C resources of 30 MMboe, largely comprised of additional upside in Balder and Ringhorne plus the 2021 King oil discovery. Following the acquisition of Mime, total Group resources are approximately 80 MMboe.

The acquisition will also add over 2,000 boe/d of production immediately and help to boost Group output to in excess of 15,000 boe/d in 2025 once the Jotun FPSO is on production, Kistos said.

The consideration is US$1 plus the issue of up to 6 million warrants exercisable into new Kistos ordinary shares at a price of 385p each.

Mime will repay US$75 million of its debt, and the enlarged Group will assume the remaining US$225 million. A payment to Mime's bondholders of up to US$45 million in 2025 is contingent on certain operational milestones being achieved.

Andrew Austin, Executive Chairman of Kistos, said: "Our entry into Norway signifies our commitment to securing sustainable growth opportunities across the North Sea Basin and positions us as an influential independent producer across three jurisdictions. Mime's assets give us visibility on a rising production profile over the next few years whilst enabling us to maintain our industry-leading Scope 1 and Scope 2 CO₂ emissions in the medium-term.

"The focus now will be on immediately integrating Mime into Kistos. We look forward to working with Mime's experienced management team and leveraging their valuable knowledge of the assets and basin to achieve our shared objectives for the Group, while maintaining the responsible energy production at the heart of our operations."

Current News

Shore Offshore Services Acquires Derrick Barge from TOPS

Shore Offshore Services Acquir

OneSubsea Scoops 'Sizeable' Contract for Work at Troll Gas Field in North Sea

OneSubsea Scoops 'Sizeable' Co

North Star Inks Contract with Siemens Gamesa for New East Anglia THREE SOV

North Star Inks Contract with

Ocean Winds Releases Report on Safe UXO Disposal at UK Offshore Wind Farm

Ocean Winds Releases Report on

Subscribe for OE Digital E‑News

Offshore Engineer Magazine