LONDON: Kistos Holdings’ wholly-owned subsidiary, Kistos Energy Limited, has entered into a binding farmout agreement with Petrogas North Sea Limited to acquire a 30% non-operated working interest in the UK Seaward Production Licences containing the Abbey and Baker gas fields, together with a 30% interest in the associated infrastructure.

The acquisition adds long-term UK gas production, complementing the Group’s existing North Sea portfolio.

The Abbey and Baker gas fields are located in the UK Southern Gas Basin, in water depths of approximately 40 metres. Baker was discovered in 2024 and Abbey was successfully appraised in 2025. The planned development comprises four wells across the two fields, tied back subsea to an existing nearby platform, with gas exported into the UK National Transmission System. Gross production is expected to peak at approximately 18,000 boepd.

Petrogas has operated the fields since 2022 and, following completion, will remain the operator with a 70% working interest alongside Kistos’s 30%.

Completion of the Acquisition is subject to North Sea Transition Authority (“NSTA”) consent and other customary conditions, and is expected before the end of 2026.

Andrew Austin, Executive Chairman, commented: “This value-accretive acquisition adds a high-quality, gas-weighted development to our UK portfolio at an attractive entry point.

The UK will continue to depend on domestic gas supply for many years to come, and Abbey and Baker provide Kistos with long-term gas production, building on our existing North Sea gas business.

We are delighted to be partnering again with Petrogas, an operator we know well and whose technical work on these fields has been of a very high standard. We look forward to working with them to bring the development through to first gas.”

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 estimates of reserves contained in this announcement are the Company’s estimates, which are closely aligned with the operator’s estimates, and 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.