Kistos Holdings plc (LSE:KIST) has maintained its full-year 2026 production guidance of 19,000 to 21,000 barrels of oil equivalent per day (boepd), reporting year-to-date pro forma production of approximately 20,000 boepd for the nine months ended 30 September 2026.
Third-quarter production averaged approximately 18,500 boepd, reflecting a planned turnaround of the Jotun floating production, storage and offloading (FPSO) vessel in Norway.
The company also completed its acquisition of Oman Blocks 3 and 4 in September, with the acquisition of Block 9 expected to follow during the fourth quarter.
On an unaudited pro forma basis, Kistos estimated EBITDA of approximately $280 million for the first nine months of 2026, including around $75 million attributable to its Omani operations.
Adjusted net debt increased to $101 million following capital expenditure during the summer and the payment associated with the Oman acquisition.
Third-Quarter Production Averages 18,500 Boepd
Kistos reported pro forma production of approximately 20,000 boepd for the nine months to 30 September 2026.
Output during the third quarter averaged around 18,500 boepd, with the reduction partly attributable to scheduled maintenance on the Jotun FPSO in Norway.
Despite the temporary impact on production, Kistos maintained its full-year guidance range of 19,000 to 21,000 boepd.
The company reported production efficiency exceeding 90% across its principal UK and Dutch assets during the period.
In Norway, additional wells were brought into production, contributing to activity across the group’s existing asset base.
The operational update reflects production across Kistos’ interests in the UK, the Netherlands, Norway and Oman, including the acquired Omani assets on a pro forma basis.
Oman Blocks 3 and 4 Acquisition Completed in September
Kistos completed the acquisition of Oman Blocks 3 and 4 during September, adding producing oil assets to its international portfolio.
The company also expects to complete its acquisition of Oman Block 9 in the fourth quarter of 2026.
The Block 9 transaction remains outstanding, and its expected completion is subject to the relevant transaction arrangements.
Kistos said revised exploration and production sharing agreement (EPSA) terms in Oman have supported an increase in drilling activity.
The company is incorporating the Omani assets into its wider production and development portfolio as it expands its operations beyond its established European markets.
The acquisitions form part of Kistos’ strategy of developing existing assets and pursuing additional oil and gas interests through corporate transactions.
Additional Balder Area Interest Agreed With Vår Energi
Following the end of the reporting period, Kistos agreed to acquire an additional 10% interest in the Balder Area licences in Norway from Vår Energi.
The proposed acquisition would increase Kistos’ participation in the Norwegian assets, subject to regulatory approval.
The Balder Area forms part of the company’s existing Norwegian operations, where production activities include wells connected to the Jotun FPSO.
The additional interest has not yet transferred, and completion remains conditional on the necessary regulatory consent.
Kistos has not provided a confirmed completion date for the transaction in the supplied update.
Unaudited Pro Forma EBITDA Estimated at $280 Million
Kistos estimated unaudited pro forma EBITDA of approximately $280 million for the nine months ended 30 September 2026.
The figure includes an estimated contribution of around $75 million from the Omani assets.
The company reported that realised oil and gas prices supported earnings during the period.
The EBITDA figures are presented on a pro forma basis and are unaudited, reflecting the inclusion of assets acquired during the year.
Kistos also highlighted the pricing arrangements associated with Omani oil offtake agreements.
According to the company, these arrangements incorporate a lag between prevailing market prices and realised sales prices, which could moderate the immediate effect of changes in oil prices on revenue.
The impact of this pricing structure will depend on future commodity price movements and the terms of the relevant sales arrangements.
Adjusted Net Debt Rises to $101 Million
Kistos reported adjusted net debt of $101 million at the end of September.
The increase reflected capital expenditure during the summer and the payment associated with the acquisition of Oman Blocks 3 and 4.
The company continues to allocate capital towards production operations, development activities and acquisitions across its portfolio.
Its financial position will be influenced by operating cash generation, commodity prices, capital expenditure and the completion of outstanding transactions.
Full-Year Guidance Reaffirmed
Kistos maintained its 2026 production guidance of 19,000 to 21,000 boepd following the third-quarter operational update.
The company expects to continue production activities across its European and Omani assets while progressing the planned acquisition of Block 9 and the additional Balder Area interest.
The Block 9 acquisition is expected to complete during the fourth quarter, while the Balder transaction remains subject to regulatory approval.
Kistos enters the final quarter of 2026 with year-to-date pro forma production of approximately 20,000 boepd, estimated unaudited pro forma EBITDA of $280 million and adjusted net debt of $101 million.
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