Kistos PLC (AIM:KIST) has been offered seven new blocks or part blocks in the Greater Laggan Area, West of Shetlands offshore the UK, in the latest North Sea licensing round.
On completion, Kistos will hold a 33.3% working interest in all of the acreage, with partner TotalEnergies assuming operator status.
The Greater Laggan (GLA) blocks concerned are 206/21, 214/27, 214.28a, 214.29a, 214/22a. 214. 23a and 214/24a.
Oil and gas are already being produced from the Laggan, Tormore, Glenlivet, and Edradour fields within the GLA area.
Kistos acquired a 20% non-operated stake from TotalEnergies in GLA 2022 and applied for the new licences in January 2023.
In a statement, Kistos said that with the previously identified Ballechin exploration prospect, the new licences support the JV Partners' efforts to identify opportunities to extend the life of existing infrastructure and maximise economic output.
The current UK government has stated it will not award any more licences in the North Sea, though the status of applications made before the election is unclear.