London, July 5, 2026, 18:04 BST
- Kistos finished Friday at 269p, gaining 5.49%. The FTSE AIM 100 slipped 0.28%.
- The stock jumped 17.0% from 230p at the June 26 close to 269p at the July 3 close.
- Kistos is guiding for FY26 pro forma output of 19,000 to 21,000 boepd. Next up is its virtual AGM, set for July 23.
London markets didn’t open Sunday, so Kistos Holdings PLC (LON:KIST) heads into the new week riding Friday’s jump. The AIM-listed energy name finished at 269p on July 3, up 14p. Volume was around 207,000 shares. AJ Bell data put the FTSE AIM 100 down 0.28% on the session.
Kistos shares posted a bigger gain week-on-week. The stock finished June 26 at 230p, then climbed every day from June 29 through July 3 except for Tuesday, when shares were flat. By the end of trading Friday, Kistos was up 39p, or 17.0%, in those five sessions.
Investors Chronicle and AJ Bell show the tape like this:
| Measure | Kistos / comparator |
|---|---|
| Friday close | 269p |
| Friday change | up 14p, or 5.49% |
| FTSE AIM 100, Friday | down 0.28% |
| Week-on-week move | rose 17.0% over the week |
| Friday volume | 207,079 shares traded |
| Average volume | 146,730 shares on average |
| Market value | market cap about £223.6 million |
The newest RNS in the feed isn’t an ops update—it’s the AGM notice dated June 30. The earlier items were the 2025 full-year numbers out June 26 and the Balder Next FID dropped June 18.
Kistos’ stock is in focus after it flagged a big step up in size. The company reported average 2025 production of 8,940 boepd, but it’s guiding for FY26 pro forma output between 19,000 and 21,000 boepd. That’s around 124% more at the midpoint versus the 2025 number. Pro forma 2P reserves, which now include Oman, came in at 48.8 mmboe, up from its year-end 2P reserves of 26.7 mmboe.
The full-year table puts the focus away from last year’s profit. Production was up, revenue came down, and adjusted net debt was higher.
| 2025 metric | FY 2025 | FY 2024 | Change |
|---|---|---|---|
| Average production | 8,940 boepd | 8,050 boepd | up 11.1% |
| Revenue | $212.9 mln | $216.3 mln | down 1.6% |
| Average realised price | $65/boe | $69/boe | off 5.8% |
| Adjusted EBITDA | $96.6 mln | $95.3 mln | up 1.3% |
| Adjusted net debt | $75.9 mln | $51.7 mln | up 46.9% |
Friday’s close put Kistos at around £11,200 per guided boepd on FY26 midpoint, about £4.58 a barrel for pro forma 2P resources. That’s before debt, cash, tax credits or FX, but it’s a clear check for the stock—Oman and Balder need to turn those numbers into barrels Kistos has in hand.
Oman is the key short-term mover. Kistos said in December it would buy a 5% working interest in Block 9 and 20% of Blocks 3 & 4 for $148 million. The deal brings about 25.6 mmboe in net 2P reserves and 9,000-10,000 boepd net 2025 output, with 91% of that liquids. All approvals for Blocks 3 & 4 were in place by April, Kistos said, and it expected completion after publication of a Royal Decree.
Executive Chairman Andrew Austin said in April that moving into the Middle East was “set to double” Kistos’ output and 2P reserves. In the full-year report, he called 2025 “transformational for Kistos” and said the Oman plans involve over 30 exploration wells across the blocks by 2029. Investegate
Balder is the other part of the 2026-2027 story. Vår Energi ASA (OSL:VAR), which runs the Balder area, and Kistos signed off on Balder Next in June. Phase one will see seven new wells linked to the Jotun FPSO, aiming for first production in Q4 2027. The project has 86 mmboe in gross 2P reserves, a breakeven near $30/boe and an IRR north of 35%, the RNS said.
Austin said Balder Next’s breakeven cost is close to $30 per barrel of oil equivalent and called it “attractive.” Vår’s COO Torger Rød called Balder a “key hub” for their portfolio. Kistos owns a 10% stake in Balder through Kistos Energy Norway. Investegate
Looking at the week, there’s not much on the calendar. The next set event is the virtual AGM set for July 23 at 2:00 p.m. Fidelity puts the expected half-year results in September 2026.
Funding could be in focus before then. Kistos priced a $300 million senior secured bond in May, due in four years with a 9.875% coupon. The company needs to close the Blocks 3 & 4 Oman deal to release $280 million in net proceeds, and unlocking another $20 million depends on finishing the Block 9 acquisition.
