Kistos Holdings (AIM:KIST) has reported third-quarter pro forma production of approximately 18,500 boepd, down from 20,800 boepd in the first half, as a planned turnaround at the Jotun FPSO in Norway temporarily curbed output.
The London-listed independent energy company, focused on North Sea, Eastern Mediterranean and now Middle Eastern upstream oil and gas assets, said year-to-date pro forma production to 30 September stood at approximately 20,000 boepd, and it maintained full-year guidance at 19,000-21,000 boepd.
Pro forma EBITDA for the nine months reached approximately $280 million, including around $75 million from Oman, though Kistos said the third quarter's figure came in lower than the second quarter, reflecting an inventory build and the summer turnaround period.
Cash and near-cash fell to $165 million at 30 September from $259 million at the end of June, as strong cash generation was offset by the completion payment for the Oman Blocks 3 & 4 acquisition, significant capital expenditure and around $32 million of debt repayment.
Adjusted net debt widened sharply to $101 million from $23 million over the same period.
Kistos completed its acquisition of Oman's onshore Blocks 3 & 4 from Mitsui E&P Middle East on 14 September, a deal first flagged via Royal Decree earlier that month confirming legal ownership had passed to the company; the interest will be consolidated into group results from 1 October.
Production from the newly acquired blocks is close to plan, supported by new oil from the Safi and AGW areas, while completion of the related Block 9 acquisition, which sits under a separate EPSA framework, is now anticipated in the fourth quarter after the operator added a fifth drilling rig following revised terms effective 1 July.
The Jotun FPSO completed a 26-day planned turnaround in July, and the final two Balder Phase V wells started up that month, with the King well, drilled from the Ringhorne platform, coming on stream in August ahead of schedule.
Read more about Kistos
- 14/10/26Kistos buys stakes in Norwegian Ringhorne production licences
- 15/09/26Kistos completes Oman Blocks 3 & 4 acquisition from Mitsui
- 07/09/26Kistos completes Oman entry as Royal Decree lands on Blocks 3 & 4
Post period-end, Kistos signed an agreement with Vår Energi on 14 October to acquire a 10% working interest in Norwegian licences PL 169E, PL 956 and PL 956B for $12.9 million, adding 4.3 million barrels of oil equivalent net and aligning its interests across the Balder Area, subject to Norwegian Ministry of Energy approval.
"The structure of the Omani offtake agreement means that in the event that oil prices fall, we will continue to benefit from higher prices for at least two to three months, further enhancing EBITDA," said Andrew Austin, Kistos's executive chairman, adding that the company remains focused on evaluating further value-accretive M&A across its core geographies.
Average realised prices for the period, excluding Oman, were $95 per barrel for oil and 113p per therm for gas, which Kistos attributed to its unhedged exposure to current price levels.
