Kistos (LSE:KIST) said 2025 proforma exit production rose to 22,700 boepd when including its pending interests in Oman, while reported average output of around 9,000 boepd landed at the upper end of guidance. Production performance was driven by Norway’s Balder area, benefiting from the start-up of the Jotun FPSO alongside new Balder Future wells.
On a reserves basis, year-end proforma net 2P reserves are estimated at 49 mmboe, and management reiterated 2026 proforma production guidance of 19,000–21,000 boepd. The balance sheet closed 2025 with approximately $199 million of cash and near-cash, supported by Norwegian tax rebates, while adjusted net debt stood at roughly $81 million, providing financial capacity to pursue further growth initiatives.
Operationally, the company reached final investment decisions on Balder Phase VI and the initial phase of the Balder Next debottlenecking and drilling programme. Asset performance also improved at the Q10-A field in the Netherlands, while work progressed on the Hole House gas storage restart project, which is expected to increase storage capacity by 63% over the next two years.
Strategically, Kistos signed a binding agreement to acquire interests in Omani Blocks 9, 3 and 4, a move that significantly diversifies the portfolio beyond the North Sea. The transaction is expected to add 25.6 mmboe of 2P reserves at an estimated cost of around $5.80 per barrel of oil equivalent, offering exposure to high-quality onshore assets with development upside. In parallel, the planned transfer of operatorship of the Greater Laggan Area to Serica Energy is anticipated to open up additional infill drilling and tie-back opportunities, reinforcing Kistos’ focus on both organic growth and value-accretive M&A across the North Sea and MENA regions.
From a market perspective, sentiment remains constrained by weak recent financial performance and relatively poor valuation metrics. Technical indicators suggest a modest short-term bullish bias, although negative MACD readings and oversold stochastic signals point to continued caution. Limited disclosure around earnings calls and corporate events restricts further visibility.
More about Kistos PLC
Kistos Holdings plc is a London-listed independent energy company focused on maximising value from its upstream oil and gas assets and through selective, value-accretive acquisitions. Its core portfolio is centred on the North Sea, spanning Norway, the UK and the Netherlands, with expansion underway into the Middle East via onshore assets in Oman, alongside gas storage operations aimed at supporting long-term production and reserve growth.
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