Muscat – Kistos Holdings, a UK-based independent, integrated energy company, has taken legal ownership of producing Blocks 3 & 4 onshore Oman from Mitsui E&P Middle East following the issuance of a Royal Decree.

The company said it had received confirmation from the Sultanate of Oman of the grant of the Royal Decree in connection with the acquisition, paving the way for legal ownership of the two blocks to pass to Kistos.

“Formal completion of the sale and purchase agreement (SPA) with Mitsui E&P Middle East will follow shortly,” Kistos said, adding that this would finalise completion adjustments and certain accounting formalities relating to the interim period since the original agreement was signed.

In December 2025, Kistos signed a binding agreement to acquire a 5% working interest in Block 9 and a 20% working interest in Blocks 3 & 4 from Mitsui E&P Middle East.

The total consideration for the acquisition of the interests in Blocks 3 & 4 and Block 9 is $148mn, with an effective date of January 1, 2025.

Kistos said the completion of the Block 9 acquisition was continuing on a different timeline because of the framework governing its Exploration and Production Sharing Agreement (EPSA).

Andrew Austin, Executive Chairman of Kistos Holdings, said the Royal Decree marked the company’s official entry into the Middle East and North Africa region.

“The overall transaction with Mitsui E&P Middle East in Oman doubles the company’s current production and 2P reserves, provides geographical diversification to our portfolio and establishes a platform for further growth,” he said.

The acquisition of Blocks 3 & 4 is expected to add 25.6mn barrels of oil equivalent (mmboe) of 2P reserves net to Kistos as at January 1, 2025.

Estimated production for 2025 is around 9,000-10,000 barrels of oil equivalent per day (boepd) net to Kistos, comprising approximately 91% liquids, with the remainder coming from gas.

Kistos said the acquisition was expected to be immediately cash-generative, with a transaction value of approximately $5.80 per barrel of oil equivalent.

Blocks 3 & 4 comprise seven producing fields and cover roughly 29,000 sqkm in eastern Oman. Block 9 comprises two producing areas. Both assets are governed by Oman’s Exploration and Production Sharing Agreements.