Berenberg reiterates target price on Kistos

Analysts at Berenberg reiterated their 'buy' rating and 230.0p target price on energy firm Kistos after it confirmed that it and Vår Energi have made a final investment decision on the Balder Phase VI project off the coast of Norway.

Kistos Holdings
18 June 2025 16:54:41

Source: Sharecast

Berenberg said Phase VI was a near-field development which should offer attractive returns and demonstrate the potential of the wider Balder Area to deliver long-term value.

In addition, Kistos also expects that first oil from the Balder X project, which includes the deployment of major new infrastructure, will be achieved imminently, and increase gross capacity of the area to 80,000 barrels of oil per day, from 30,000 boe/d currently.

"We expect further projects to be announced over the coming months and years, with both Kistos and Vår Energi looking to maximise utilisation of the converted Jotun floating production, storage and offloading (FPSO) vessel over the medium term," said the German bank

"We view this as a positive update confirming that first oil from the company's key growth project is imminent and highlights its plans to deliver long-term value from the area."

Reporting by Iain Gilbert at Sharecast.com

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