Kistos to Acquire 30% Interest in Abbey and Baker Gas Developments in the UK Southern North Sea

Kistos Energy Limited ("Kistos") has entered into a binding farmout agreement with Petrogas North Sea Limited ("Petrogas") to acquire a 30% non-operated working interest in the UK Seaward Production Licences containing the Abbey and Baker gas fields in the UK Southern North Sea, together with a 30% interest in the associated infrastructure.

Orrick advised Kistos on the transaction.

THE COMPANIES

Kistos (LSE: KIST) is an independent energy company focused on generating value across the upstream and midstream markets. Their investments include upstream operations, both offshore and onshore, and the operation of critical infrastructure to process and store hydrocarbons for ready deployment in the energy market.

Petrogas North Sea Limited is the operator of the Abbey and Baker gas fields. Following completion, Petrogas will remain operator with a 70% working interest, alongside Kistos' 30%.

THE IMPACT

The acquisition will add long-term UK gas production that complements Kistos' existing North Sea portfolio and reflects the continuing focus on domestic gas supply in the UK.

The Abbey and Baker gas fields are located in the UK Southern Gas Basin, in water depths of approximately 40 metres. Baker was discovered in 2024, and Abbey was successfully appraised in 2025. The planned development comprises four wells across the two fields, tied back subsea to an existing nearby platform, with gas exported into the UK National Transmission System. The development is gas-weighted (approximately 98% gas), with first gas targeted in 2029.

Completion is subject to North Sea Transition Authority consent and other customary conditions and is expected before the end of 2026.

THE TEAM

The Orrick team is led by Anna Howell and Ed Lukins, and supported by Emma Turton.