THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) (UK MAR). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

11 April 2025

Kistos Holdings plc

("Kistos", "the Company", or "the Group")

Full-year results for the year ended 31 December 2024

Kistos (LON: KIST), an independent energy company focused on generating value across the upstream and midstream markets, is pleased to provide its audited full-year results for the year ended 31 December 2024. A copy of the Company's full audited annual report and accounts will be made available shortly on the Company's website at www.kistosplc.com.

2024 Highlights

Operational highlights

·     Significant progress has been made towards completing the Balder Future project, with the Jotun FPSO sail away successfully achieved after the reporting period

·     Acquired EDF Energy's gas storage assets, onshore UK, and successfully undertook the fifth and final phase of a 'soft cycling' trial, resulting in a 24% uplift in working gas capacity

Production, reserves and resources

·     Average daily production of 8,050 boepd, in line with guidance, supported by higher-than-expected well performance at GLA

·     Year-end 2P reserves of 24.4 mmboe and estimated 2C contingent resources of 57.5 mmboe

·     Hill Top achieved 93.5% operational availability, injecting 112 million therms and withdrawing 97 million therms during the period after completion

o  Initial hedges, with injections in July 2024 and withdrawals in Q1 2025, were placed at an average of 23.5 pence per therm

Financial highlights

·     Adjusted EBITDA of $95 million³ (FY23: $130 million)

·     Capital expenditure on a cash basis was $144 million (FY23: $129 million), representing the ongoing investment in the Balder Future project

·     Tax rebates receivables of approximately NOK 746 million ($65 million) in respect of investments in the 2024 calendar year payable in December 2025

·     Statutory loss after tax of $52 million (2023: $27 million loss) resulting from both a $34 million impairment charge and a $26 million non-cash NOK functional currency exchange loss that has now reversed

·     Cash balances on 31 December 2024 of $114 million, excluding $29 million of funds which are restricted (31 December 2023: $215 million and $0.2 million of restricted funds)

·     Adjusted net debt² on 31 December 2024 of $52 million (31 December 2023: net cash $62 million)

o  Carrying value of Hybrid Bond debt has fallen to $0.7 million (FY23: $15.7 million), based on the likelihood of operational milestones being met, including offload of 500,000 barrels of oil (gross) from the Jotun FPSO between 31 December 2024 and 31 May 2025

2025 Outlook

·     FY25 production guidance reiterated at 8,000 boepd - 9,000 boepd

·     Hook-up and final commissioning of the Jotun FPSO, with first oil targeted by the end of Q2 2025

·     Production from Balder Future wells expected to start up shortly after, and following a period of ramp-up (expected in the second half of 2025) could increase area production to a peak of 110,000 boepd (gross)

·     The drilling of the six Balder Phase V wells is ongoing with the COSL Pioneer rig, utilising the remaining well slots installed during the Balder Future project. The first of these wells are anticipated to flow before the year end, and will also utilise the Jotun FPSO

·     Progressing further development and exploration projects across the Balder Area with a view to converting 2C resources to 2P reserves in the short to medium-term

·     Change of GLA operator expected in H1 2025 to provide renewed commercial momentum to sanction near-term development projects

·     Victory gas field expected to come on stream in Q4 2025, where production will be processed through the onshore Shetland Gas Plant ("SGP")

·     FEED study is ongoing at the Hole House gas storage facility, with a view to taking FID to increase total working gas capacity up to approximately 40 million therms from the current 22.1 million therms

·     Exploring value-accretive M&A, with several identified opportunities currently under evaluation

Andrew Austin, Executive Chairman of Kistos, commented:

"Strong production across the portfolio, particularly from the GLA, has ensured we met production guidance for the year, despite delays to the Balder Future project. In our pursuit of growth, we have added diversity to our portfolio with the addition of the Hill Top and Hole House gas storage facilities in Cheshire, expanding our midstream market position and diversifying our revenue.

2025 is an exciting year for Kistos. The Balder Future project in Norway once onstream, will significantly increase Group production and cashflow while also increasing the ratio of oil in our portfolio. The completion of the Balder Future project unlocks the Balder Phase V wells, and will spur further development opportunities in the area as we look to convert 2C contingent resources to 2P reserves with further infill drilling and exploration, thereby extending the life of the Balder Area to 2045 and beyond.

Beyond our existing operations, we remain committed to exploring growth opportunities that will drive substantial returns for our investors. As well as assessing opportunities in familiar territories, we are also considering new geographies which could offer near-term value accretion."

12 months ended 31 December 2024

Notes:

¹ Average production rate includes gas, oil and natural gas liquids, and is rounded to the nearest 100 barrels of oil equivalent per day. The actual average production rate reflects the number of days during the year businesses were controlled by the Group. Sales and production volumes are converted to estimated barrels of oil equivalent (boe) using the conversion factors in Appendix C to the Financial Statements.

² Non-IFRS measure. Net debt is adjusted for the Norwegian tax rebate generated in 2024 and payable in December 2025. Refer to the definition within the glossary and reconciliation in Appendix B3 to the Financial Statements

³ Non-IFRS measure. Refer to note 2.2.2 to the financial statements for definition and calculation.

Dr Richard Benmore, Non-Executive Director of Kistos with a Bachelors, Masters and PhD in Geosciences and who has been involved in the energy industry for more than 40 years, has read and approved the disclosure in this announcement.

The Company's internal estimates of resources contained in this announcement 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.

Contacts

Glossary

Executive Chairmans Statement

The Jotun floating production storage and offloading vessel (FPSO) sail away represents an important milestone, together with all 14 production wells completed and associated subsea equipment installed, the hook-up and final commissioning is expected to be undertaken over the coming months, with first oil targeted for the end of the second quarter of the year. Once online, the project is expected to increase the area's peak daily production of circa 30,000 barrels of oil equivalent produced per day (boepd) (gross) by 80,000 boepd (gross), which is expected to occur approximately three to four months following first oil.

Furthermore, it is anticipated that the completion of the Balder Future project and ongoing drilling of Balder Phase V will unlock future infill and exploration opportunities, as well as tie-back developments with a short time to market. Kistos, alongside the operator, is progressing with further development and exploration projects across the Balder Area with a view to converting 2C resources to 2P reserves in the short to medium term.

In the UK, the Greater Laggan Area (GLA) contributed 3,240 boepd throughout 2024, significantly exceeding the operator budget following good uptime and strong well performance. The GLA joint venture (JV) can look forward to the third-party Victory gas field coming onstream in the final quarter of 2025, while we continue to explore organic development opportunities, including the Glendronach field and potential infill wells at Tormore and Glenlivet. The change of operator in the GLA, which is expected to take place in the second quarter of 2025, will provide additional momentum in sanctioning development projects.

In the Netherlands, production from the Q10-A field averaged 2,070 boepd, impacted by outages on the TAQA-operated P15-D platform. We are prioritising efforts to maximise volumes and lower unit costs, while engaging in discussions regarding the extension of life of the P15-D platform and wider infrastructure, which the operator is committed to achieve.

Kistos achieved a full-year production rate of 8,050 boepd (2023: 8,800 boepd) with sales volumes for liquids at 3,363 boepd (2023: 1,545 boepd) and natural gas at 4,911 boepd (2023: 6,660 boepd). The average realised price of liquids was $79/boe; for natural gas, it was $62/ boe in the UK and $63/boe in the Netherlands. Unit operating expenses increased to $32/boe, driven by lower production in the Netherlands and the UK. Impairment charges of $34 million were recognised due to higher-than-expected outages and costs on the TAQA-operated P15-D platform.

The acquisition of EDF's gas storage assets for £25 million marked our entry into the midstream market, aligning with our strategy to pursue opportunities that support the energy transition. Kistos has already increased the working gas capacity to 22.1 million therms (by 24%) and we have a roadmap to increase it to 35.0 million therms (a further 62%) by recommissioning Hole House in Cheshire, UK.

Looking ahead, we remain committed to optimising production, reducing unit costs and exploring new growth opportunities. The completion of the Jotun FPSO refurbishment and the anticipated start-up of the Balder Future project will drive significant production increases and we will continue leveraging our diversified asset portfolio to navigate market challenges and capitalise on emerging opportunities.

I would like to extend my gratitude to our employees, contractors, suppliers and co- venturers for their dedication and support. Together, we will continue to build on our platform to generate substantial returns for our investors, while maintaining high standards of employee welfare, safety and corporate governance, and a commitment to the environment.

Consolidated Financial Statements

Consolidated income statement

Consolidated statement of other comprehensive income

Consolidated balance sheet

Consolidated statement of changes in equity

Consolidated cash flow statement

The notes to these financial statements are contained within the Company's full audited annual report and accounts available on the Company's website at www.kistosplc.com.