Kistos Holdings is set to broaden its Norwegian portfolio through a $12.9 million agreement with Vår Energi covering minority stakes in three production licences around Ringhorne on the Norwegian Continental Shelf. The Ringhorne licence deal will expand Kistos‘ position across the wider Balder-Ringhorne area.

Under the agreement, Kistos will take 10% working interests in PL 169E, PL 956 and PL 956B. The transaction has an effective date of 1 January 2026, but completion remains subject to the required approval from Norway’s Ministry of Energy.

The acquisition is intended to bring Kistos to a uniform 10% participation level across the Balder-Ringhorne fields, the Ringhorne East Unit and the relevant part of Ringhorne Nord. The company already holds a 10% interest in PL 027.

The acquired interests are expected to add 4.3 million boe net of combined 2P reserves and 2C resources, as well as a small contribution to current production. Kistos expects the 2C volumes included in the transaction to enter production in 2029.

Vår Energi will remain operator and hold the remaining 90% interests after completion. Kistos said the resulting ownership structure across the Balder Area should support more efficient field development and lower operating costs.

Kistos already participates in development activity around Balder, including Balder Phase VI, as well as infrastructure associated with FPSO Jotun.

Andrew Austin, Executive Chairman of Kistos, said the additional licences increase the company’s exposure to the Balder area and extend its production profile. He said the partnership’s medium-term focus will be on bringing additional production online in 2029 and progressing 2C resources toward 2P reserves.