REG - Kistos Holdings PLC - Trading Statement

Kistos HoldingsAnnouncement

Today 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260422:nRSV3847Ba&default-theme=true

RNS Number : 3847B  Kistos Holdings PLC  22 April 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.

 

22 April 2026

 

 

 

Kistos Holdings plc

 

("Kistos" or "the Company")

 

 

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."

 

 

(1) 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.

(2) 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.

(3) 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.

(4) 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.

 

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
 boe          barrel of oil equivalent
 kboepd       thousand barrels of oil equivalent per day
 mmboe        millions of barrels of oil equivalent

 

 

Contacts

 

 Kistos Holdings plc                                           via Hawthorn Advisors

 Andrew Austin

 Panmure Liberum (NOMAD, Joint Broker)                         Tel: 0207 886 2500

 Amrit Mahbubani / Freddie Wooding / Mark Murphy / Sam Elder

 Berenberg (Joint Broker)                                      Tel: 0203 207 7800

 Matthew Armitt / Ciaran Walsh

 Hawthorn Advisors (Public Relations Advisor)                  Tel: 0203 745 4960

 Henry Lerwill / Simon Woods

 Camarco (Public Relations Advisor)                            Tel: 0203 757 4983

 Billy Clegg

 

https://www.kistosplc.com (https://www.kistosplc.com/)

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTBIGDSUGDDGLB



            Copyright 2019 Regulatory News Service, all rights reserved