(WO) – Kistos has agreed to buy a 10% working interest in production licenses PL 169E, PL 956 and PL 956B on the Norwegian Continental Shelf from Vår Energi for $12.9 million upfront. The deal has an effective date of Jan. 1, 2026, and is pending approval from Norway’s Ministry of Energy.
The acquisition gives Kistos a uniform 10% interest across the Balder and Ringhorne fields, the Ringhorne East Unit and the part of the Ringhorne Nord field in PL 956 and PL 956B. That matches its existing 10% stake in PL 027. The deal adds a small amount of production and 4.3 MMboe net to Kistos in combined 2P reserves and 2C resources, with the 2C volumes expected on stream in 2029. The companies say aligning their interests across the Balder Area will make field development more efficient and lower operating costs.
Executive Chairman Andrew Austin said the licenses “increase our presence and exposure across the world-class Balder Area, while also extending our production profile at a low operating and development cost.” He added that the partnership’s medium-term focus will be “bringing new production on stream by 2029” and converting 2C resources into 2P reserves.
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