Kistos Holdings plc ended 2025 in a “robust” financial position of $199 million cash, as it looks to further benefit from its newly acquired licence interests in Oman.
PRIORITIES
The cash figure includes $75 million in tax rebates relating to activity on its Norwegian assets in 2024.
The company noted that tax rebates of approximately $28m in respect of net 2025 expenditure is paid in December 2026.
Adjusted net debt totalled approximately $81m, net of the carrying $280m outstanding bond debt.
Actual production for 2025 averaged 9,000 barrels of oil equivalent per day, which was the top end of Kistos’ 8,000 – 9,000 boepd guidance.
The Oman transaction, due to complete this quarter and effective from 1 January 2025, is set to add 25.6 million barrels of oil equivalent of 2P reserves net to Kistos, based on the operator’s estimate.
Kistos said that proforma guidance for 2026 remained at 19,000 to 21,000 boepd.
The group currently holds a 10% non-operated interest in six production licences in the Balder Area in the Norwegian central North Sea, and a 60% operated interest in five production licences and eight exploration licences, offshore the Netherlands.
Kistos additionally has 20 to 33% non-operated interest in three licences in the Greater Laggan Area, 125 miles northwest of the Shetland Islands.
Executive chairman Andrew Austin added: “We successfully executed on all four of our stated priorities: achieving Balder Future first oil, meeting the higher end of our full-year production guidance (8,000-9,000 boepd), continuing to convert 2C resources to 2P reserves, and executing a value-accretive M&A transaction while continuing to invest in our existing asset base.
“Our balance sheet strength is underpinned by our ability to fund further growth opportunities, maintain flexibility, and continue to enhance shareholder value.”