Kistos PLC (GB:KIST) has released an update.
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Kistos Holdings PLC, an energy company aligning with the energy transition, reported a decrease in production and Adjusted pro forma EBITDA for 2023 due to natural production decline and lower gas prices. The company completed the strategic acquisition of Mime Petroleum AS, boosting reserves and production, particularly from the Balder Future development. Despite a challenging environment, Kistos maintained a strong balance sheet with significant cash flow generation, retired outstanding bonds to improve financial flexibility, and continued to diversify its asset portfolio, including the acquisition of UK gas storage assets from EDF.
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