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1 Corporate Presentation January 2026
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2 Disclaimer This presentation and its enclosures and appendices (the “presentation”) have been prepared by Kistos plc (the “Company”) exclusively for information purposes. This presentation has not been reviewed or registered with any public authority. This presentation is confidential and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose. By viewing this presentation, you agree to be bound by the foregoing restrictions and the other terms of this disclaimer. The distribution of this presentation and the offering, subscription, purchase or sale of securities issued by the Company in certain jurisdictions is restricted by law. Persons into whose possession this presentation may come are required by the Company to inform themselves about and to comply with all applicable laws and regulations in force in any jurisdiction in or from which it invests or receives or possesses this presentation and must obtain any consent, approval or permission required under the laws and regulations in force in such jurisdiction, and the Company shall not have any responsibility or liability for these obligations. This presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities. The contents of this presentation are not to be construed as legal, business, investment or tax advice. Each recipient should consult with its own legal, business, investment and tax adviser as to legal, business, investment and tax advice. In making an investment decision, investors must rely on their own examination of the Company and the terms of any investment in the Company, including the merits and risks involved. Although reasonable care has been taken to ensure that the facts stated in this presentation are accurate and that the opinions expressed are fair and reasonable, the contents of this presentation have not been verified by the Company or any other person. Accordingly, no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information and opinions contained in this presentation, and no reliance should be placed on such information or opinions. Disclaimer
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3 Key highlights Successfully delivering against our targets for another year of growth FY25 highlights Operational Financial Balder Future First Oil Successful start-up of Jotun FPSO and Balder Future wells drove Balder area production above 11,000 boepd (net) in September FY25 production: 9,000 boepd 2025 production delivered at the top end of management guidance 2025 exit production rate 22,700 boepd, incl. Oman interests, on a pro forma basis Major organic growth FID on Balder Phase VI; sanctioning of first phase of Balder Next and investment to increase gas storage working capacity by 63% Cash incl. near cash of $199 million1 $81 million Adjusted Debt2 Carrying value of outstanding bond debt $280 million > $110 million of capex2 Invested during the year, principally in the Balder Area 81.9 8,050 8,000 - 9,0002025 (guidance) 59% 26% 15% Entry into Oman Announced Binding agreement to acquire interests in Block 9 and Blocks 3 & 4 onshore Oman FOOTNOTES: 1. Non-IFRS measure, unaudited. Includes $28 million of near-cash, assuming receipt of the 2025 Norwegian tax rebate as at 31 December 2025. A further $22 million is maintained in escrow for standard credit and decommissioning arrangements. 2. Non-IFRS measure. Adjusted net debt is a measure that the management team believes is useful as it provides an indicator of the Group's overall liquidity. It shows the impact on net debt as if the 2025 Norwegian tax rebate of approximately $28 million had been received as at 31 December 2025 and is defined as cash and near cash, including restricted cash, less the carrying amount of outstanding bond debt. 3. Proforma net average daily production, including 2026 Oman production volumes.4. Internal estimates as at 31 December 2025 were prepared in accordance with the Petroleum Resource Management System guidelines endorsed by the Society of Petroleum Engineers, World Petroleum Congress, American Association of Petroleum Geologists and Society of Petroleum Evaluation Engineers. 19,000 – 21,000 100.59,000 2026 2025 Norway UK Netherlands Oman Production (boepd)3 2P reserves and 2C resources (mmboe)4 incl Oman incl Oman 48.851.7 2P 2C
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4 Kistos overview A high-growth, agile integrated energy company Who we are Led by an experienced management team, Kistos focuses on unlocking potential in assets, leveraging our expertise and technical capability to invest in and enhance their value. The company has built a reputation as a trusted partner in the energy sector, forming strong relationships with leading industry majors. Block 3 & 4, Block 9 Balder Area Greater Laggan Area Gas storage Q10-A 3 Operating jurisdictions 4 Production and development hubs 44 Producing wells 2 Midstream energy sites Announced in December 2025, completion is subject to customary governmental and regulatory approvals and partner consents EUROPE MIDDLE EAST
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5 Strategy and track record Consistent delivery matching our stated strategy Our Strategy 2P reserves and 2C resources (mmboe)2 MAY 2021 Netherlands Acquisition (Operator) JUL 2022 UK Acquisition (Non-Op) APR 2023 Norway Acquisition (Non-Op) APR 2024 UK Gas Storage Acquisition (Operator) Announced DEC 2025 Oman Acquisition (Non-Op) Growth Strategy Build empowered, local teams with a track record of safe, reliable delivery Acquisition of undervalued assets with significant upside potential Deploy capital efficiently to enhance performance and extend asset life Five Transactions in five years Kistos has a strong track record of deploying capital to enhance and extend the life of strategic assets: >$400 million of capital investment since inception, including the drilling of 41 wells, substantially extending the life of our assets in the UK and Norway beyond the dates originally envisaged c.$25 million committed by 2027 to support UK Energy Security through increasing our gas storage capacity Continued investment in our UK Gas Fields Kistos has invested and built strong working relationships with partners and contractors in each of the regions in which it has operations Kistos plans to apply this proven and successful model to its new assets in the MENA region
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6 Balder Area Converting resources into reserves Norway Licences Fields Discoveries Infill prospects Balder Phase VI Project in execution Early phase project FOOTNOTES: 1. As stated by the operator; Var Energi, in Q2 2025 report. 2. 13.2 mmboe net to Kistos 3. As stated by the operator; Var Energi, in Q3 2025 report. 4. Gross production. See RNS released 10 Sep 2025. King/Prince Ghost Prince up-dip Ringhorne East Ringhorne Platform Jotun FPSO Balder FPU Balder future phases King area development Balder Phase VI (to be sanctioned in 2025) Jotun FPSO First oil Achieved June 2025 132 mmboe 2C Resources to be unlocked by JV2 113,156 boepd Peak production4 (Sept. 2025) Completed Jotun FPSO First Oil (2025): Major milestone achieved with all subsea production wells started up, peak production of 113,156 boepd delivered (8-Sep-25) Upcoming Balder Next (2026): Additional well delivery planned to sustain 70-80 kboepd gross2 through to 2030's OPEX & Emissions Reduction (2028):Balder FPU decommissioning (YE-2028) to cut c.US$130m gross per annum and reduce CO2 by~80,000tonnesper annum3 Ongoing Phase V (2025/26): Six-well drilling campaign - first two wells started up Dec 2025, drilling ongoing Phase VI (2026): Accelerated tri- lateral FA67 well; first oil expected end-2026, targeting IRR >35% and breakeven price below $35 per boe1
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7 7 Greater Laggan Area Strong operational performance in 2025 United Kingdom Serica Energy anticipated to assume operatorship of the Greater Laggan Area from TotalEnergies in Q1 2026 Significant organic growth potential (particularly Glendronach) along with opportunities to extract near-term value from infill drilling The potential development of further third-party tie-backs to the Shetland Gas Plant Operatorship change – strategic opportunity Victory – Extending life and reducing Unit OPEX Third-party Victory field (Shell, 100%) start-up achieved September 2025, tied back to Shetland Gas Plant and producing alongside our existing fields Higher throughput will result in lower Unit operating costs for all parties, strengthening long-term cash flows and extending the life of the plant Shell Victory Field successfully tied-back, substantial reduction in Kistos’ Unit OPEX Change of Operator Offering significant organic growth potential Glendronach Mature short-cycle investment opportunity
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8 8 The Netherlands Minimal impact, renewably powered platform The Netherlands 97% H2 operating efficiency Focused optimisation offsetting H1 shortfalls Strategic focus Working with HUB partners to maximise throughput and reduce unit costs ahead of expected cessation of production (COP) in Q4 2027 Advancing works and scheduling to minimise abandonment costs in 2027/28 Cost reduction initiatives ahead of CoP end 2027 Performance impacted by extended P15 turnaround (98 days vs 35 planned), driven by scope growth and contractor delays during critical maintenance Strong operational improvement post-July restart (97% H2 operating efficiency), with volumes stabilised and cost efficiency measures delivering benefits
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9 Hill Top and Hole House Increasing working capacity at Hole House United Kingdom Strong and reliable execution capability Future initiatives Focusing on long-term energy transition opportunities through power rationalisation study and feasibility work on Compressed Air Energy Storage in partnership with a pioneering energy technology company FOOTNOTES: 1. Calendar year 2025, with equivalent number of therms injected during the period Gas movements elevated in the first part of the year, followed by a quieter summer with low volatility and reduced volumes Overall performance remains in line with expectations, with total gas withdrawals of 140 million therms1, winter months being key for returns Hill Top Plant major turnaround completed safely and ahead of schedule, reinforcing strong reliability and execution capability. Work has commenced on returning the Hole House gas storage facility to service. This will increase our gas storage capacity by 63% Hole House FID Estimated CAPEX £18-20m Hill Top turnaround delivered Without incident and ahead of schedule 140 million therms Top gas withdrawal to National Grids
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10 Blocks 3 & 4 and Block 9Oman Immediate Scale and Diversification High-quality, long-life assets will provide stable, low-cost production and diversify Kistos’ portfolio into a proven, supportive Middle East jurisdiction Doubling FY25 production at a low cost FOOTNOTES: 1. Net working interests Arabian Sea Sultanate of Oman UAE Block 9 Block 3 Block 4 Muscat Yemen Saudi Arabia Kistos entered Oman through the acquisition of a 5% working interest in Block 9 and a 20% working interest in Blocks 3 & 4 for US$148 million. Highly attractive deal structure, with an effective date of 01 January 2025. Completion is subject to government and partner approvals and expected in Q1 2026 Transformational acquisition Significant Exploration Potential Following recent drilling success during 2025, further plans to drill upwards of 30 exploration wells across the blocks by 2029, following up on numerous identified leads across large licensed acreage Strategic Platform for Regional Expansion Establishing Kistos as a credible player in the Middle East and building partnerships with national operators and the Omani government 9,000 – 10,000 boepd Average production 2025 25.6 mmboe Expected to add significant 2P reserves1 Significant upside 2C of 33.5 mmboe and exploration opportunities
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11 Growth and development Focussing on organic growth alongside value-accretive M&A Our outlook 2026 priorities Enhance UK gas storage Progressing with the Hole House return to service Advancing cost efficiency initiatives and long-term energy transition opportunities. Organic growth in GLA Infill drilling opportunities and development of third-party tie backs to the Shetland Gas Plant following Serica assuming operatorship (expected Q1 2026). Integrate Oman acquisition Expected additional 9,000–10,000 boepd and 25.6 mmboe of 2P reserves to Kistos. Organic upside from ongoing exploration programmes Advance Balder development Continued Delivery of Balder Phase V wells and first oil from Balder Phase VI Maturing Balder Next project to sustain production towards 2030. 2029 2028 2027 2026 Blocks 3&4 and Block 9 Balder Area GLA Q10-A 19 – 21 kboepd (2026 Guidance) Production outlook1 ~$17/ boe 5yr Unit OPEX2 ~$17/ boe 5yr Unit CAPEX2 19 – 20 kboepd 2P Production out to 20302 FOOTNOTES: 1. On a 2P reserves basis (i.e. excludes 2C resources and exploration upside) except for Glendronach in the GLA.. 2 Average
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12 Kistos plc 2nd Floor 3 St James’s Square London SW1Y 4JUA United Kingdom