Acquisition of Ringhorne Production Licences

Kistos (LON: KIST), an independent energy company focused on unlocking value within its existing portfolio and through value-accretive M&A, announces that it has signed a Sales and Purchase Agreement with Vår Energi ASA (Vår Energi) to acquire a 10% working interest in the production licenses PL 169E, PL 956 and PL 956B on the Norwegian Continental Shelf. The upfront consideration for the transaction is $12.9 million, with an effective date of 1st January 2026.

With this transaction, Kistos will hold a uniform working interest across the Balder-Ringhorne Fields, the Ringhorne East Unit, and the part of the Ringhorne Nord field located in PL 956 and PL 956B, in line with its existing 10% stake in PL 027.

The addition of these new licences to the portfolio will add a small amount of production and 4.3 mmboe net to Kistos (2P reserves and 2C resources combined), of which the 2C volumes are expected to be on stream in 2029. Furthermore, the transaction will align the interests of Vår and Kistos across the Balder Area, enabling more efficient field development and reducing operating costs, both supporting maximum resource recovery from the fields.

Completion of the acquisition is subject to customary regulatory approval from the Norwegian Ministry of Energy.

Andrew Austin, Executive Chairman of Kistos, commented:

"These new licences increase our presence and exposure across the world-class Balder Area, while also extending our production profile at a low operating and development cost. As we strengthen our relationship with Vår, our partnership focus for the medium term will turn to bringing new production on stream by 2029 and maximising the 2C-to-2P development opportunities."

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