Kistos Holdings (AIM:KIST) has agreed to buy a 30% non-operated working interest in the Abbey and Baker gas fields in the UK Southern North Sea, under a binding farmout agreement with operator Petrogas North Sea Limited.
The London-listed independent energy company, which has been building out its North Sea and Middle East portfolio through multiple acquisitions this year, said the deal would add roughly 9 million barrels of oil equivalent (mmboe) of net 2P reserves once a final investment decision is taken, expected in 2027.
That would lift the group's pro forma 2P reserves, adjusted to also include the pending Oman Blocks 3 & 4 and Block 9 acquisitions, to approximately 59 mmboe, up from 49.2 mmboe as at 30 June.
Kistos did not disclose the consideration or completion mechanics, saying further financial detail would follow on completion.
The development is gas-weighted at approximately 98% gas, with first gas targeted in 2029 and estimated net plateau production of around 4,000 barrels of oil equivalent per day (boepd).
Baker was discovered in 2024 and Abbey was successfully appraised in 2025; the development concept has been selected, key engineering studies completed, and a draft Field Development Plan and Environmental Statement submitted in July 2026.
The planned development comprises four wells across the two fields, tied back subsea to an existing nearby platform in roughly 40 metres of water, with gas exported into the UK National Transmission System and gross production expected to peak at approximately 18,000 boepd.
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Petrogas, which has operated the fields since 2022, will retain operatorship with a 70% working interest after completion.
"We are delighted to be partnering again with Petrogas, an operator we know well and whose technical work on these fields has been of a very high standard," said Andrew Austin, Kistos's executive chairman.
Completion is subject to North Sea Transition Authority consent and other customary conditions, and is expected before the end of 2026.
The deal adds to a run of transactions this year that has included the $148 million acquisition of Oman's Blocks 3 & 4, a pending Block 9 completion now anticipated in the fourth quarter, and a $12.9 million deal with Vår Energi for interests in three Norwegian licences.
