Led by an experienced senior management team that is closely aligned with our shareholders, we generate value through a growth-orientated strategy of pursuing value-accretive M&A and progressing the organic development and exploration opportunities across our asset base. Kistos’ strategy has proven highly successful in Europe, and the Group’s objective is to replicate it in the MENA region.
Proven track record
Since establishment in 2020, Kistos has undertaken 5 successful acquisitions and has built a solid, diversified portfolio across Europe and onshore Oman. Through a disciplined and agile investment approach, we have produced 15 mmboe to date with ~49 mmboe of pro forma 2P Reserves at 31 December 2025.
Diversified and integrated portfolio
Kistos’ high-quality, long-life assets provide stable, low-risk production. The expansion into the Middle East diversified our portfolio, with operations a proven supportive jurisdiction. We maintain good visibility on production from the Balder Area in the North Sea, and continue to expand our UK gas storage capacity, aiming to be fully operational by 2028.
Robust cash flow
Kistos’ pro forma production guidance of 19-21 kboepd for 2026 is expected to support strong cash flow generation. This will be underpinned by multiple ongoing Balder projects, sustaining gross output of 70-80 kboepd through the 2030s, while the Oman acquisition is anticipated to be immediately cash generative.
Balance sheet resilience
Kistos continues to focus on maintaining ample liquidity to execute our strategic objectives. The Oman acquisition will significantly strengthen cash flow from operations, and the Company’s recent bond restructure has extended debt maturity and access to capital.
Strategic priorities
Our key strategic priorities over the near term will focus on three pillars:
Secure long-life producing hydrocarbons
Acquire established producing assets with material, often overlooked upside, where complexity or dislocation has obscured value across core EMEA markets
Target c.40 kboepd through well-advanced M&A, supplemented by uplifts from Oman Blocks 3 & 4, Balder Next and the licence extension of Block 9
Maximise exposure to commodity price upside
Unhedged price exposure and strategic gas-storage assets enabling shareholders to participate fully in market volatility
High-IRR opportunities (Balder Next, GLA and Blocks 3 & 4) backed by a low-cost base (<$18/boe), strengthening the platform for future shareholder returns
Generate sustainable shareholder returns
Targeting sustained top-quartile shareholder returns, backed by a proven track record: c.272% Total Shareholder Return (TSR)* since IPO and previously delivering 42x returns to early RockRose Plc investors.
Credibility in the Norwegian bond market and with IOCs gives us advantageous, low-cost leverage — a key driver of our outsized returns
A considered approach
Our guiding principles are led by a responsibility to make returns for investors in a way that benefits current and future generations. We consider the impact that our operations have on all stakeholders involved, ensuring that we create value for our people, our communities, our environment, as well as our environment.