Kistos Unit to Buy 30% Interest in Two UK Offshore Gas Fields

05:53 AM EST, 11/02/2026 (MT Newswires) -- Kistos (KIST.L) subsidiary Kistos Energy signed a binding farmout agreement with Petrogas North Sea to purchase a 30% non-operated working interest in the UK Seaward Production Licences, along with a 30% interest in the associated infrastructure. The UK Seaward Production Licences contain the Abbey and Baker gas fields that are located in the Southern Gas Basin, according to a Monday filing. The transaction boosts the independent energy company's existing North Sea portfolio and is projected to add 9 million barrels of oil equivalent of net 2P reserves, following a final investment decision in 2027. Closing of the acquisition is expected before the end of 2026, subject to the North Sea Transition Authority's approval and other customary conditions. Petrogas will remain the project operator with a 70% working interest after completion.