Kistos PLC said the current year had started strongly helped by higher gas prices and production from the Q10-A gas field.
The update was provided alongside the gas producer’s results for 2021, when Kistos transitioned from an investing company into an operating business with significant reserves and production. In 2021, it acquired two transformational assets, subsequently renamed Kistos NL1 and Kistos NL2, in a transaction that also brought a 60% interest in Q10-A.
The AIM-traded company reported adjusted EBITDA for 2021 of €78.9mln (£65.6mln) and an adjusted pro forma EBITDA, which includes a full year’s contribution from Kistos NL1 and Kistos NL2, of €102.9mln.
“With high gas prices carrying over into 2022 and production from the Q10-A gas field significantly higher than when we acquired it, the current year has started strongly,” said executive chairman Andrew Austin.