# Kistos reports $205m pro forma EBITDA for H1 2026

- Link: https://www.directorstalkinterviews.com/kistos-reports-205m-pro-forma-ebitda-for-h1-2026/4121262528
- Published: 2026-09-15T07:08:00+01:00
- Author: Amilia Stone

**Kistos Holdings plc** (LON:KIST), an independent energy company focused on generating
value across the upstream and midstream markets, has announced its unaudited interim
results for the six months ended 30 June 2026.

**Financial Highlights**

·      Pro-forma EBITDA^(2,3) was approximately $205 million including a $51 million
contribution from Blocks 3&4 and Block 9, Oman, and reflecting the full benefit 
of strong commodity prices with the Group fully unhedged.

·      Cash and near cash^(4) of $259 million which includes $128 million of unrestricted
cash, $95 million in escrow for Oman acquisition and a $36 million near cash Norwegian
tax rebate expected to be received in December 2026.

·      Adjusted net debt^(2) at period end: $23 million (30 June 2025: $86 million).

**6 months ended 30 June 2026**

|  |  | **H1 2026****(pro forma)^(3)** | **H1 2026****(actual)** | **H1 2025****(actual)** | 
| Total production rate^(1) | boepd | 20,800 | 11,800 | 6,200 | 
| Revenue | $’000 | 290,241 | 211,895 | 87,903 | 
| Average realised oil price | $/bbl | 98 | 97 | 67 | 
| Average realised gas price | $/boe | 82 | 82 | 77 | 
| EBITDA^(2,3) | $’000 | 205,012 | 154,012 | 23,673 |

1. Total production rate includes gas, oil and natural gas liquids and is rounded
to nearest 100 barrels of oil equivalent per day, with sales and production volumes
converted to estimated barrels of oil equivalent (boe) using the conversion factors
set out in Appendix C to the Interim Financial Statements.

2. Non-IFRS measure. See note 2.2.1 to the Interim Financial Statements for definition
and reconciliation to the nearest equivalent IFRS measure.

3. Pro forma numbers are defined as Group results as if the Oman Block 3&4 and Block
9 acquisitions had completed on 1 January 2026, based on draft financial information
provided by the seller.

4. Cash and near cash is non-IFRS measure.

> **Andrew Austin, Executive Chairman of Kistos, commented:**
> _“We generated significant cash in the first half of 2026, supported by strong
> operational performance across our asset portfolio, keeping us on track to meet
> our full-year pro forma production guidance of 19,000 – 21,000 boepd. With the
> Group fully unhedged, we captured the full benefit of strong prices during the
> period. The sanctioning of the Balder Next New Wells project in June 2026 marks
> an important milestone for Kistos, delivering a reserves replacement ratio of 
> 120% across our existing asset base and further strengthening our 2P reserves 
> base, which – together with our new interests in Oman – has more than doubled 
> over the past year._
> _We remain focused on realising organic growth opportunities across our assets,
> including further development of the Balder area and, following the transition
> of operatorship of the Greater Laggan Area to Serica Energy, the potential to 
> extract near-term value from infill drilling and further third-party tiebacks 
> to the Shetland Gas Plant, alongside the enhanced terms recently secured under
> Block 9 EPSA in Oman._
> _Kistos remains disciplined in its approach to growth. We continue to see a range
> of value-accretive M&A opportunities across our core geographies, and we believe
> our track record and ability to execute transactions make us an attractive counterparty.
> As we evaluate opportunities across the value chain, we remain centred on maintaining
> financial strength and operational reliability.”_

Dr Richard Benmore, Non-Executive Director of Kistos, with a Bachelor’s, Master’s
and PhD in Geosciences and who has been involved in the energy industry for more
than 40 years, has read and approved the disclosure in this announcement.

The Company’s internal estimates of resources contained in this announcement were
prepared in accordance with the Petroleum Resource Management System guidelines 
endorsed by the Society of Petroleum Engineers, World Petroleum Congress, American
Association of Petroleum Geologists and Society of Petroleum Evaluation Engineers.

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