Kistos acquires interests in Oman’s onshore blocks from Mitsui

Core Points - Kistos has signed a binding agreement to acquire a 5% working interest in Block 9 and a 20% working interest in Blocks 3 and 4 in Oman from Mitsui E&P Middle East, marking a strategic entry into the MENA upstream energy sector [1][3] - The transaction is valued at $148 million and is expected to be immediately cash-generative for Kistos, with an effective date of January 1, 2025 [2][3] - The acquisition is projected to add approximately 25.6 million barrels of oil equivalent in proved and probable reserves and nearly 9,000–10,000 barrels of oil equivalent per day to Kistos' production this year, with 91% being liquids [4][5] Company Strategy - Kistos aims to diversify its portfolio by entering the MENA region while continuing to consider further acquisitions in the North Sea [4] - The company plans to fund the acquisition from existing cash, aligning with its strategy of acquiring high-quality, value-accretive assets [3][4] Operational Details - The assets operate under Oman's exploration and production sharing agreements (EPSAs), which define the concession terms and operational conditions [2] - Block 9 is operated by Occidental Petroleum, while Blocks 3 and 4 are operated by CCED, covering around 29,000 km² in eastern Oman [1]