Kistos (LSE:KIST) reported pro forma production of 20,500 barrels of oil equivalent per day (boepd) during the first half of 2026 and reaffirmed its full-year production guidance of between 19,000 and 21,000 boepd. Performance was supported by high operational reliability across its assets, despite planned maintenance shutdowns at key offshore facilities. The company also increased its pro forma proved and probable (2P) reserves to 47.6 million barrels of oil equivalent (MMboe), following the approval of the Balder Next development, while contingent 2C resources rose to 52.4 MMboe.
Kistos continued to make progress across several strategic projects during the period. Drilling activity at the Balder field advanced, while work on debottlenecking the floating production, storage and offloading (FPSO) system moved forward, supporting plans to remove the Balder floating production unit (FPU) by 2028. In the Greater Laggan Area, the transfer of operatorship to Serica is expected to create additional opportunities for infill drilling and field tie-backs. The company also moved closer to completing its acquisitions of Blocks 3 and 4 and Block 9 in Oman after securing all major regulatory approvals, paving the way for enhanced production terms. Financially, pro forma EBITDA reached approximately $205 million, while cash increased to $259 million, leaving Kistos with modest adjusted net debt and significant capacity to pursue further acquisitions.
The company’s outlook reflects a mixed financial profile. Improving operating performance and stronger free cash flow provide positive momentum, but continued net losses and relatively high leverage continue to increase financial risk. Valuation also remains constrained by the company’s negative price-to-earnings ratio, reflecting its loss-making position, while no dividend yield is currently available. Technical analysis remains inconclusive due to insufficient market indicator data.
About Kistos PLC
Kistos PLC is a London-listed independent energy company focused on acquiring, developing and optimising oil and gas assets. Its portfolio includes offshore producing fields linked to FPSO and FPU infrastructure, alongside a growing presence in the Middle East through onshore exploration and production interests in Oman. The company pursues a strategy of unlocking value from existing assets while expanding through targeted acquisitions.
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