Independent energy company Kistos has signed a sales and purchase agreement with Vår Energi to acquire a 10 per cent working interest in three production licences on the Norwegian Continental Shelf for $12.9 million.

The acquisition covers licences PL 169E, PL 956 and PL 956B, with an effective date of 1 January 2026. It will give Kistos a uniform 10 per cent interest across the Balder-Ringhorne Fields, the Ringhorne East Unit and the relevant portion of the Ringhorne Nord field, aligning its holdings with its existing stake in PL 027.

The transaction is expected to add 4.3 million barrels of oil equivalent (mmboe) in combined net 2P reserves and 2C resources, alongside a modest increase in production. The 2C resources are expected to begin production in 2029.

The acquisition aims to improve field development efficiency, reduce operating costs and maximise resource recovery. Completion remains subject to customary regulatory approval from Norway's Ministry of Energy.

Andrew Austin, Executive Chairman of Kistos, commented: “These new licences increase our presence and exposure across the world-class Balder Area, while also extending our 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.” -OGN/TradeArabia News Service