19th Oct 2026 13:05
(Alliance News) - Kistos Holdings PLC on Monday maintained full-year production guidance despite posting a drop in the third quarter of the year.
Shares in the London-based oil and gas producer from offshore and onshore assets in the UK, Norway, and the Netherlands fell 4.6% to 298.00 pence each in London on Monday.
Kistos said year-to-date pro-forma production to September 30 was around 20,000 barrels of oil equivalent per day, with third quarter production of 18,500 boepd. The third quarter drop reflected the planned 26 day turnaround of Jotun floating oil and gas production in Norway, which completed in July.
Guidance for 2026 pro-forma production was maintained at 19,000 to 21,000 boepd, after the firm delivered 20,800 boepd in the first half of the year.
For the nine months ended September, Kistos reported pro-forma earnings before, interest, tax, depreciation and amortisation of USD280 million. It said third quarter Ebitda was lower than the prior three months, reflecting a build-up of oil and gas inventories and lower production during planned summer turnarounds.
Capital expenditure totalled USD120 million, excluding Oman, with the third quarter reflecting "peak" activity during the summer offshore campaign.
Cash and near cash of USD165 million was down from USD259 million at June 30, as strong cash generation was offset by the completion payment for the Oman Blocks 3 & 4 acquisition, "significant" capital expenditure and around USD32 million of debt repayment.
Adjusted net debt at September 30 was USD101 million versus USD23 million at June 30.
Executive Chair Andrew Austin said the quarter marked an "important step in our growth strategy", with the completion of the acquisition of Blocks 3 & 4 in Oman and completion of Block 9 expected by the end of the year.
"Production in the quarter was impacted by the planned turnaround on the Jotun FPSO but, with the final Balder Phase V wells and the King well now on stream, we remain on track to deliver production within our 2026 pro forma guidance range of 19,000-21,000 boepd," he added.
Austin said the firm remains focused on evaluating a "range of value-accretive M&A opportunities across our core geographies."
By Jeremy Cutler, Alliance News reporter
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