Proactive Investors - Kistos PLC (LON:KIST) saw its shares move on the front foot after the energy company revealed it had won an appeal in the Netherlands, reversing a prior decision by the Dutch government not to extend the span of the M10/M11 licence.
The AIM-quoted firm owns a 60% stake in the licence, located on the Netherlands North Sea Shelf, which will now run for a further five years.
Kistos now intends to apply for a permit to drill an appraisal well at the project that is presently estimated to host some 36mln barrels of proved and probable reserves plus 72mln barrels of contingent resources.
"This is very good news both for Kistos and for the Netherlands,” said executive chair Andrew Austin.
“It increases the potential for domestic gas demand to be met with domestic supplies, which has positive implications for CO2 emissions.
“Whilst the delay to the M10/M11 project has been frustrating, we are pleased that the right outcome has been achieved and look forward to working with the local municipalities to obtain the relevant permits to appraise the field.”
In London, Kistos shares were up 9.15p or 4% in Friday's dealing, changing hands at 238.15p and valuing the company at just under £200mln.