LONDON: Kistos, an independent energy company focused on unlocking value within its existing portfolio and through value-accretive mergers and acquisitions, announced it has signed a sales and purchase agreement with Vår Energi ASA to acquire a 10% working interest in production licenses PL 169E, PL 956 and PL 956B on the Norwegian Continental Shelf.

The upfront consideration for the transaction is $12.9 million, with an effective date of Jan. 1, 2026.

With the transaction, Kistos will hold a uniform working interest across the Balder-Ringhorne Fields, the Ringhorne East Unit, and the portion of the Ringhorne Nord field located in PL 956 and PL 956B, consistent with its existing 10% stake in PL 027.

The addition of the licenses will add a small amount of production and 4.3 million barrels of oil equivalent net to Kistos, combining 2P reserves and 2C resources, of which the 2C volumes are expected to come on stream in 2029. The transaction also will align the interests of Vår Energi and Kistos across the Balder Area, enabling more efficient field development and reducing operating costs, both of which support maximum resource recovery from the fields.

Completion of the acquisition is subject to customary regulatory approval from the Norwegian Ministry of Energy.

Andrew Austin, executive chairman of Kistos, said the new licenses increase the company’s presence and exposure across the Balder Area while extending its production profile at a low operating and development cost.

“As we strengthen our relationship with Vår, our partnership focus for the medium term will turn to bringing new production on stream by 2029 and maximising the 2C-to-2P development opportunities,” Austin said.