Acquisition of Ringhorne Production Licences

Kistos Holdings

14/10/2026 07:00

RNS Number : 8265Y
  
Kistos Holdings PLC
  
14 October 2026
  
 


THIS 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.
 
14 October 2026
 

 
Kistos Holdings plc
 
("Kistos" or "the Company")
 
 
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."
 
 
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
 




2C resources


those quantities of petroleum estimated to be potentially recoverable from known accumulations but are not yet approved for commercial development due to one or more contingencies




2P reserves


the sum of proved and probable reserves, denotes the best estimate scenario of reserves




boe


barrels of oil equivalent




mmboe


million barrels of oil equivalent




 
 
 
Contacts
 




Kistos Holdings plc
Andrew Austin / Peter Mann
 


via Hawthorn Advisors




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




 
https://www.kistosplc.com
 
 
 




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