Kistos Holdings plc has increased its interests for $12 million in the Balder Area, containing the Balder and Ringhorne Øst oil fields, in the Norwegian central North Sea.
The sale and purchase agreement with operator Vår Energi ASA gives Kistos a 10% working interest in production licences PL169E, PL956 and PL956B for the upfront payment and an effective date of 1 January 2026.
The new licences will add 4.3 million barrels of oil equivalent net to Kistos, of combined 2P reserves and 2C resources, with the latter expected to come on stream during 2029.
Kistos already held a 10% working interest in PL001, PL027, PL027C, PL027HS, PL028 and PL028S.
The company said it now held a uniform working interest across the Balder-Ringhorne fields, the Ringhorne East unit, and the part of the Ringhorne Nord field located in PL956 and PL956B, in line with its existing 10% stake in PL027.
Executive chairman Andrew Austin added: “These new licences increase our presence and exposure across the world-class Balder Area, while also extending our production profile at a low operating and development cost.
“As we strengthen our relationship with Vår, our partnership focus for the medium term will turn to bringing new production on stream by 2029 and maximising the 2C-to-2P development opportunities.”
Completion of the transaction is subject to approval from the Norwegian Ministry of Energy.