Kistos acquires 5% working interest in Block 9 and 20% interest in Blocks 3 and 4 in Oman from Mitsui E&P Middle East. Block 9, operated by Occidental Petroleum, has two producing areas. Blocks 3 and 4, operated by CCED, cover 29,000km² in eastern Oman with seven producing fields.

The acquisition, valued at $148m, effective 1 January 2025, is expected to be immediately cash-generative for Kistos. It marks the company’s entry into the MENA upstream energy sector and will be funded from existing cash reserves. The deal aligns with Kistos’ strategy of acquiring high-quality value-accretive assets.

Kistos executive chairman Andrew Austin sees the acquisition as a significant milestone, diversifying the company’s portfolio. The move into the MENA region allows Kistos to broaden opportunities and potentially unlock future synergies through further expansion. The company aims to grow and evolve with the support of its shareholders.

The acquisition is estimated to add 25.6 million barrels of oil equivalent in proved and probable reserves net to Kistos. It will also add nearly 9,000–10,000 barrels of oil equivalent per day this year, with 91% being liquids and the rest gas. Last year, Kistos acquired EDF Energy (Gas Storage) in the UK for £25m.

Read more at Yahoo Finance: Kistos acquires interests in Oman’s onshore blocks from Mitsui