Kistos Holdings plc notes the North Sea Transition Authority (NSTA) decision to grant development and production consent for the Victory Gas Field, operated by Shell UK Limited. This follows an environmental impact assessment by the Offshore Petroleum Regulator for Environment and Decommissioning ("OPRED"). The Victory Gas Field is situated approximately 29 miles northwest of the Shetland Islands and is estimated to contain a P50 recoverable resource of 179 billion cubic feet, equivalent to approximately 7% of the UK's annual natural gas consumption.

The gas produced from Victory will be developed as a single subsea tie-back well to GLA infrastructure and transported to the Shetland Gas Plant. The field is expected to reach first gas in the middle of the decade and will see peak production levels of circa 150 million cubic feet of gas per day. Production from the Victory field will significantly increase throughput at the Shetland Gas Plant, further extending the life of the Greater Laggan Area whilst reducing overall unit operating expenditure.