Kistos Energy (Norway) AS (“KENAS”) update for the fourth quarter of 2025

27 Feb 2026 12:54 CET

OPERATIONAL
Production was 8,795 boed, of which gas represented 183 boed, net to KENAS in
the fourth quarter of 2025, with production efficiency of 97% at Balder FPU and
Ringhorne, whilst the Jotun FPSO averaged 82%, due to process upsets. This
compared to 6,510 boed, of which gas represented 137 boed and total 91%
production efficiency in the third quarter of 2025.

All fourteen subsea production wells associated with the Balder Future project
were started up by 1st September, slightly ahead of plan. The Jotun FPSO project
was fully completed by end September 2025 and the project team has been
demobilised. Production has also benefited from a new well coming on stream at
Ringhorne in the fourth quarter of 2025 whilst the Balder field production
efficiency averaged 94% for the full year (excluding Jotun FPSO ramp-up). For
the full year 2025 average production was in line with expectations at 53.1
kboed (gross).

The drilling of six new wells as part of the Balder Phase V project continues to
progress as planned. The initial two wells started up in late 2025 and the third
well during February 2026, maintaining the high production levels at the Jotun
FPSO. Two further wells are expected onstream within mid-year 2026.
Additionally, the Balder Phase VI project is in execution, with planned first
oil in the fourth quarter 2026, with strong economics at an internal rate of
return (IRR) above 35% and breakeven price below USD 35 per boe. Together these
projects will capture gross proved plus probable (2P) reserves of around 55
mmboe.

Additional early phase projects are being progressed at pace to utilise the
production capacity of the Jotun FPSO in the years to come. The Balder Next
project is targeting to develop the next phase for the Balder field and unlock
significant contingent resources. In the fourth quarter 2025 a final investment
decision was taken on the Jotun FPSO debottlenecking project, this will increase
production capacity on the FPSO and allow for accelerated production. The
project facilitates for retirement of the Balder Floating Production Unit (FPU)
targeted in 2028. New wells as part of the Balder Next projects will add
significant new reserves and capture remaining reserves in wells currently
producing to the Balder FPU.

Combined these projects will maintain production from the Balder field area in
the range 70-80 kboed gross towards 2030. The decommissioning of Balder FPU is
expected to reduce operating costs by approximately USD 130 million gross per
annum and to reduce CO2 emissions by around 70,000 tonnes gross per year. These
projects are steps to ensure that high value barrels continue to be generated
from the Balder area towards 2045 and beyond.

KENAS’ 2P reserves estimate at year end 2025 is 24.3 MMBoe (net to KENAS). The
disclosed reserves position as of 31 December 2025 has been aligned with the
quantities as reported by the operator in their Annual Statement of Reserves.

FINANCIAL
In the fourth quarter, total revenue from the sale of hydrocarbons amounted to
USD 77.1 million. The realised price of lifted cargos was $63/boe.

At the end of December 2025, KENAS had cash at bank of USD 34 million, of which
USD 0.36 million is restricted. Drawdowns under the terms of the revolving
credit facility from its parent company, Kistos plc, were fully repaid by the
end of the fourth quarter of 2025.

As per the two outstanding bond agreements (ISIN NO 0012867318 and ISIN NO
0011142036), KENAS can report that the “Balder Ringhorne First Oil date”,
(“Balder Ringhorne First Oil Date” means the date on which the Balder Ringhorne
Licences have achieved 90 days of production of oil with an average oil
production per day of 75,000 bbl.), was achieved on or about 19 October 2025.
This means that the minimum liquidity covenant of USD 10 million is reduced to
USD 0 million effective from this date and onwards.

The tax refund for fiscal year 2024, NOK 776.4 million (including interest) was
received on 28 November 2025.

For further information please contact:
James Thomson
Chief Financial Officer (Kistos Holdings plc)
Phone: +44 7495 122576
Email: james.thomson@kistosplc.com

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