Kistos, an independent energy company focused on unlocking value within its existing portfolio and through value-accretive M&A, has completed the acquisition of Blocks 3 & 4 from Mitsui E&P Middle East. This follows the announcement made on 7 September 2026 regarding the receipt of Royal Decree from the Sultanate of Oman, representing the formal transfer of legal ownership to Kistos.
The terms of the transaction are unchanged from the announcement made on 9 December 2025, which was agreed on a portfolio basis for Blocks 3 & 4 and Block 9 together, subject to customary completion adjustments from the effective date of 1 January 2025 that apply across the portfolio as a whole. The acquisition of Block 9 continues to progress on a separate timeline owing to its EPSA framework and is expected to complete in H2 2026, as previously guided.
Together, Blocks 3 & 4 and Block 9 add 25.6 mmboe of 2P reserves at an acquisition value of approximately $5.80 per boe, with net production guided at 9,000-10,000 boepd at the time of the initial announcement. As disclosed in the Company's H1 2026 Trading Statement, the assets generated aggregate EBITDA of approximately $51 million for the six months ended 30 June 2026, calculated as if both acquisitions had completed on 1 January 2026 and reported on a combined basis consistent with the acquisition of the blocks as a single package. This figure is unaudited and based on draft results provided by Mitsui.
Andrew Austin, Executive Chairman of Kistos, commented:
'Today marks a significant milestone for Kistos as we formally establish our presence in the Middle East with the completion of Blocks 3 & 4. We look forward to working closely with our experienced licence partners to pursue the material investment opportunities to increase production and enhance long-term value. With our Omani platform now in place, we are equally focused on the timely completion of Block 9, which will further strengthen our position in the region.'
Source: Kistos Holdings
