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 completed the acquisition of Blocks 3 & 4 from Mitsui E&P Middle East B.V. ("Mitsui"). This follows the announcement made on 7 September 2026 regarding the receipt of Royal Decree from the Sultanate of Oman, representing the formal transfer of legal ownership to Kistos.
The terms of the transaction are unchanged from the announcement made on 9 December 2025, which was agreed on a portfolio basis for Blocks 3 & 4 and Block 9 together, subject to customary completion adjustments from the effective date of 1 January 2025 that apply across the portfolio as a whole. The acquisition of Block 9 continues to progress on a separate timeline owing to its EPSA framework and is expected to complete in H2 2026, as previously guided.
Together, Blocks 3 & 4 and Block 9 add 25.6 mmboe of 2P reserves at an acquisition value of approximately $5.80 per boe, with net production guided at 9,000-10,000 boepd at the time of the initial announcement. As disclosed in the Company's H1 2026 Trading Statement, the assets generated aggregate EBITDA of approximately $51 million for the six months ended 30 June 2026, calculated as if both acquisitions had completed on 1 January 2026 and reported on a combined basis consistent with the acquisition of the blocks as a single package. This figure is unaudited and based on draft results provided by Mitsui.
Andrew Austin, Executive Chairman of Kistos, commented:
“Today marks a significant milestone for Kistos as we formally establish our presence in the Middle East with the completion of Blocks 3 & 4. We look forward to working closely with our experienced licence partners to pursue the material investment opportunities to increase production and enhance long-term value. With our Omani platform now in place, we are equally focused on the timely completion of Block 9, which will further strengthen our position in the region.”
ENDS
Dr Richard Benmore, Non-Executive Director of Kistos, with a Bachelor's, Master's and PhD in Geosciences and who has been involved in the energy industry for more than 40 years, has read and approved the disclosure in this announcement.
The Company's internal estimates of resources contained in this announcement were prepared in accordance with the Petroleum Resource Management System guidelines endorsed by the Society of Petroleum Engineers, World Petroleum Congress, American Association of Petroleum Geologists and Society of Petroleum Evaluation Engineers.
Glossary 2P reserves the sum of proved and probable reserves, denotes the best estimate scenario of reserves mmboe Million barrels of oil equivalent boepd barrels of oil equivalent per day
Contacts
Kistos Holdings plc (via Hawthorn Advisors) Andrew Austin / Peter Mann
Panmure Liberum (NOMAD, Joint Broker) Amrit Mahbubani / Inaya Rafique / Mark Murphy / Sam Elder Tel: 0207 886 2500
Berenberg (Joint Broker) Ryan Mahnke / Ciaran Walsh Tel: 0203 207 7800
Hawthorn Advisors (Public Relations Advisor) Henry Lerwill / Simon Woods Tel: 0203 745 4960
Camarco (Public Relations Advisor) Billy Clegg Tel: 0203 757 4983
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