Business
Acquisition - Block 9 and Block 3 & 4, Oman
Kistos Holdings plc has entered into a binding agreement to acquire a 5% working interest in Block 9 and a 20% working interest in Blocks 3 & 4 onshore Oman for $148 million, funded by existing cash. This immediately cash-generative acquisition, effective January 1, 2025, is expected to add 25.6 mmboe of 2P reserves and approximately 9,000-10,000 boepd of net production in 2025, with 91% liquids. The transaction represents Kistos' entry into the MENA region, diversifying its portfolio and providing a platform for future expansion, with the company anticipating a material uplift in production to approximately 20,000 boepd in 2026. Disclaimer*
About this update from Kistos Holdings Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) (\"UK MAR\"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n9 December 2025\n \n\n \n \nKistos Holdings plc\n\n(\"Kistos\" or the \"Company\")\n \n \nAcquisition of interests in Block 9 and Blocks 3 & 4, onshore Oman\n \nImmediately cash-generative acquisition represents an entry point for Kistos in MENA with scope for further expansion in the region\n \n \nKistos (LSE: KIST), an independent energy company focused on generating value across the upstream and midstream markets, is pleased to announce that it has entered into a binding agreement to acquire a 5% working interest in Block 9 and a 20% working interest in Blocks 3 & 4 from Mitsui E&P Middle East B.V., both located onshore in the Sultanate of Oman (the \"Acquisition\").\n \nAcquisition highlights:\n· Consideration of $148 million, with an effective date of 1 January 2025 which is subject to customary closing adjustments, payable on completion and will be funded with existing cash in Kistos\n· Expected to add 25.6 mmboe (operators estimates) of 2P reserves net to Kistos (as at 1 January 2025)\n· Additional estimated production of approximately 9,000-10,000 boepd net to Kistos in 2025, made up of approximately 91% liquids with the remainder gas\n· The Acquisition is expected to be immediately cash-generative\n· The Acquisition equates to a valuation of approximately $5.80/boe of 2P reserves\n \nKistos' entry into the Middle East adds geographical and onshore production diversification to the Company's existing portfolio. Representing an evolution in the Company's M&A strategy, the Acquisition aligns with the Board's core ambition of pursuing assets that have strong near-term production with significant development and exploration upside.\n \nBlock 9, operated by Occidental Petroleum, covers two producing areas. Blocks 3 & 4, operated by CCED, comprise seven producing fields and cover approximately 29,...