LONDON, July 3, 2026, 22:01 BST
- Kistos finished up 5.49% at 269p. The FTSE AIM 100 slipped 0.28%.
- The stock was up 17.0% for the week, starting at 230p at the June 26 close.
- Kistos trades at roughly $6.1 per barrel of oil equivalent on simple equity-to-2P math, almost matching the $5.80 per barrel it paid in the Oman deal.
Kistos Holdings PLC (LON:KIST) climbed 5.49% to 269p on Friday. The shares were last quoted in London at 16:35 BST after the close. The move outpaced the FTSE AIM 100’s 0.28% slide to 3,598.31.
Kistos shares jumped even though there was no new operating RNS in the last two days. The most recent filing was the June 30 AGM notice. Before that, the company put out its full-year numbers on June 26 and a final investment go-ahead for Balder Next on June 18.
Trading picked up in the small AIM energy stock, with 207,079 shares changing hands. That’s about 41% above the average 146,730, according to Reuters using Investors Chronicle numbers.
| Market measure | Kistos | Comparator |
|---|---|---|
| Friday close | 269p | FTSE AIM 100: 3,598.31 |
| Friday change | +5.49% | -0.28% |
| Week change | +17.0% | — |
| Friday volume | 207,079 shares | 41% above Kistos average |
| 52-week range | 145p–335p | closed 19.7% under its high |
The main issue is still valuation. AJ Bell said Kistos has a market cap of 223.59 million pounds, with sterling at $1.3357, according to Reuters FX. That would put Kistos’ equity value near $299 million. Kistos reported cash and near-cash at about $268 million as of May 31. This included restricted cash, Oman acquisition deposits, and a tax receivable expected December 2026.
| Simple yardstick | Figure | Reuters calculation |
|---|---|---|
| Friday’s closing equity value | about $299 mln | £223.59 mln at $1.3357/£ |
| Cash and near-cash as of May 31 | about $268 mln | about 90% of equity value |
| Pro-forma 2P reserves | 48.8 mmboe | about $6.1 for each boe on equity value |
| Q1 adjusted net debt | $78 mln | around $7.7 per boe on equity plus net debt |
| Oman acquisition price metric | about $5.80/boe | company’s stated deal metric |
The point here is that Kistos trades close to the reserve value on its Oman deal, even after shares jumped 17% this week. The Oman assets aren’t locked in yet: Kistos said it got ministerial approvals for Blocks 3 & 4 but is still waiting for the Royal Decree, while Block 9 still needs a sign-off from ministers.
Kistos posted 2025 revenue of $212.94 million, a 1.6% drop, but adjusted EBITDA edged up 1.3% to $96.59 million. The company averaged 8,940 boepd in production, up 11.1%. Adjusted net debt increased from $51.66 million to $75.87 million.
| 2025 result | 2025 | 2024 | Change |
|---|---|---|---|
| Average production | 8,940 boepd | 8,050 boepd | +11.1% |
| Revenue | $212.94 mln | $216.32 mln | -1.6% |
| Adjusted EBITDA | $96.59 mln | $95.32 mln | +1.3% |
| Adjusted net debt | $75.87 mln | $51.66 mln | +46.9% |
Kistos Executive Chairman Andrew Austin called 2025 a “transformational” year in the results. In April, after the first quarter update, Austin said the company was still “well capitalised”. Investegate
Norway faces its next reserves check as Vår Energi ASA (OSE:VAR) and Kistos move forward on Balder Next. The two signed off on a final investment decision for the Balder area project in June. Seven new wells will be hooked up to the Jotun FPSO. First oil is set for Q4 2027. Vår sees breakeven at about $30 a barrel. The company expects an internal rate of return above 35%. Kistos owns 10%.
Oil wasn’t much of a driver Friday. Brent crude stalled, last at $71.94 a barrel after supply worries cooled off. UK natural gas moved up 2.6% to 107.23 pence per therm, Trading Economics data showed.
Broker coverage remains light, but price targets are much higher than current levels. Investors Chronicle data shows three analysts with a median 12-month target of 445.39p. That’s a 65.6% gain from Friday’s 269p close, according to Reuters calculations.
Kistos’ next scheduled event is its virtual AGM at 2 p.m. on July 23.
