Trading Statement

Kistos (LON: KIST), an independent energy company focused on unlocking value within its existing portfolio and through value-accretive M&A, provides an operational and unaudited financial update for the Q1 period ended 31 March 2026.

The Company also provides an update on the acquisition of interests of Blocks 3&4 and Block 9 in Oman, as announced on 9 December 2025.

Highlights

Q1 Production Update

• Pro forma production(1) for Q1 2026 averaged 21.8 kboepd (Q1 2025: 7 kboepd excluding Oman)
• FY26 proforma(1) production guidance remains at 19 - 21 kboepd(1)

Q1 Financial Update

As at, and for the 3 months ending 31 March 2026:

• Cash, including near-cash equivalents, of $204 million(2)
• Adjusted net debt(3) of $78 million (representing cash and near‑cash equivalents net of outstanding bond debt with a face value of $282 million)
• Proforma EBITDA of approximately $75 million(1)

Kistos has mandated ABG Sundal Collier and Fearnley Securities to arrange fixed income investor meetings from 22 April 2026, in connection with the potential issuance of a USD 300 million 4‑year senior secured bond, which will primarily be used to refinance existing Norwegian bonds(4).

Oman acquisition update

• Acquisition of Blocks 3&4 and Block 9 remain on track, with the completion of Blocks 3&4 anticipated to precede Block 9 due to the different EPSA framework.
• All necessary approvals for the transfer of Blocks 3&4 have been obtained, including Ministerial Approval, with completion expected following issuance of the Royal Decree.
• Once complete, the acquisition is expected to add 25.6 mmboe (operator estimates) of 2P reserves net to Kistos, with a valuation of approximately $5.80/boe of 2P reserves.
• Both Blocks 3&4 and Block 9 have continued to produce and export uninterrupted throughout the recent developments in the wider area.
• Further announcements will be provided in due course, upon completion of the acquisition, including any information on completion mechanics and the financial impact of the transaction on the Company.

Kistos will announce the publication of its Annual Report and Accounts in due course.

Andrew Austin, Executive Chairman of Kistos, commented:

"Kistos' entry into the Middle East is set to double the Company's current production and 2P reserves, adding immediate scale and geographic diversity. The oil and gas produced from these assets is exported directly via the Arabian Sea, bypassing traffic in the Strait of Hormuz.

"Elsewhere, operations continued to perform in line with expectations, buoyed by strong production from Norway following last year's delivery of the Balder Future project.

"The company remains well capitalised with readily available cash and funding lines post the completion of the Oman acquisitions, providing us with optionality to continue pursuing M&A opportunities in our target regions of MENA and Europe."

• Proforma figures include production from the Oman Acquisition as if the acquisition of Blocks 3&4 and Block 9 had completed on the 1 January 2026. On a non-proforma basis, the Group produced 13kboepd during Q1 2026 and 7kboepd during the comparable period in 2025.
• Non-IFRS measure. Includes $28 million of near-cash, representing the Norwegian tax rebate for the 2025 calendar year, which is payable in December 2026 but is regarded by management as a near‑cash asset as at 31 March 2026. Also includes a deposit in escrow for the acquisition of Blocks 3&4 of $34.6 million, a deposit for the acquisition of Block 9 of $2.4 million and $16 million maintained in escrow for standard credit and decommissioning arrangements.
• Non-IFRS measure. Adjusted net debt is a measure that the management team believes is useful as it provides an indicator of the Group's overall liquidity. It shows the impact on net debt as if the 2025 Norwegian tax rebate of approximately $28 million had been received as at 31 December 2025 and is defined as cash and cash equivalents, including restricted cash/funds, less the carrying amount of outstanding bond debt.
• The net proceeds from the contemplated bond issuance will primarily be utilised to refinance the outstanding bonds in Kistos Energy (Norway) AS (ISIN NO0012867318 & NO0011142036) in an aggregate amount of approximately USD 290 million (plus accrued and unpaid interest), and for general corporate purposes of the Group.

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