Highlights

  • The transaction adds 25.6 mmboe of net 2P reserves effective 1 January 2025.
  • Net production contribution is estimated at 9,000–10,000 boepd during 2025.
  • The acquisition is expected to be immediately cash-generative upon completion.

Kistos Holdings plc (LSE:KIST) has entered into a binding agreement to acquire interests in onshore hydrocarbon assets in the Sultanate of Oman. The transaction involves the purchase of a 5% working interest in Block 9 and a 20% working interest in Blocks 3 and 4 from Mitsui E&P Middle East B.V.

The total consideration for the acquisition is USD 148 million, with an effective date of 1 January 2025. The final amount payable is subject to customary completion adjustments. Kistos has stated that the consideration will be funded using its existing cash resources.

Asset Profile And Location
Block 9 is located onshore in Oman and is operated by Occidental Petroleum. The block includes two producing areas currently under development and production. Blocks 3 and 4 are operated by CCED and consist of seven producing fields across eastern Oman, covering an area of approximately 29,000 square kilometres.

Both Block 9 and Blocks 3 and 4 operate under Exploration and Production Sharing Agreements (EPSAs). These agreements define the concession terms, fiscal structure, and operational framework governing exploration, appraisal, and hydrocarbon production within Oman.

Reserves And Production Impact
The acquisition is expected to add approximately 25.6 million barrels of oil equivalent (mmboe) of 2P reserves net to Kistos, based on operator estimates as at 1 January 2025. Net production attributable to Kistos is estimated at around 9,000 to 10,000 barrels of oil equivalent per day (boepd) during 2025, with liquids accounting for approximately 91% of production and the remainder comprising gas.

On a reserves basis, the transaction reflects an implied valuation of approximately USD 5.80 per barrel of oil equivalent for 2P reserves.

Portfolio Diversification And Regional Entry
The acquisition represents Kistos’ entry into the Middle East and North Africa region and adds onshore production exposure to its existing asset base. The company noted that the assets offer near-term production alongside development and exploration potential within established producing licences.

Share Price Snapshot
KIST was trading 23.73% higher at GBX 182.50 per share as of 09 December 2025.