Kistos Holdings (LSE:KIST) said proforma production for Q1 2026 averaged 21.8 kboepd and reiterated FY26 proforma guidance of 19-21 kboepd; on a non‑proforma basis the group produced 13 kboepd in Q1. Proforma figures treat the Oman acquisition as if completed on 1 January.
The group reported proforma EBITDA of approximately $75m and cash and near‑cash of $204m at 31 March, with adjusted net debt of $78m (cash net of outstanding bond face value of $282m). The cash figure includes a $28m Norwegian tax rebate regarded as near‑cash and deposits in escrow connected to the Oman deals.
Kistos has mandated ABG Sundal Collier and Fearnley Securities to arrange investor meetings from 22 April in relation to a contemplated USD 300m, four‑year senior secured bond, which the company says will primarily refinance outstanding Norwegian bonds of roughly USD 290m.
The planned acquisition of Blocks 3&4 and Block 9 in Oman remains on track: ministerial approvals for Blocks 3&4 are secured, completion awaits Royal Decree, and the assets are producing uninterrupted. Once complete, the acquisition is expected to add 25.6 mmboe of 2P reserves net to Kistos, valued at about $5.80/boe.
"Kistos' entry into the Middle East is set to double the Company's current production and 2P reserves, adding immediate scale and geographic diversity," Andrew Austin, Executive Chairman, said.
