Kistos PLC

UK-based energy company Kistos has been granted a Royal Decree by the Sultanate of Oman relating to its acquisition of onshore Blocks 3 and 4 (Afar & Ghunaim) from Mitsui E&P Middle East, with formal completion expected soon. The acquisition of Block 9 (Suneinah) from Mitsui remains ongoing under a separate schedule due to its exploration and production sharing agreement framework. The total consideration for the acquisition of Blocks 3, 4 and 9 is $148m (£109.38m), with an effective date of 1 January 2025. The transaction gives Kistos a 20% working interest in Blocks 3 and 4 and a 5% working interest in Block 9, adding 25.6 million barrels of oil equivalent in proved and probable reserves and expected to raise 2025 production by approximately 9,000–10,000 barrels of oil equivalent per day. Kistos executive chairman Andrew Austin said the Royal Decree marks Kistos' official entry into the Middle East and North Africa region, doubling the company's current production and 2P reserves.