ABG Sundal Collier acted as financial advisor to Kistos Holdings plc (“Kistos”) in connection with the acquisition of Mime Petroleum AS (“Mime”), representing Kistos in negotiations with the Mime bondholders

Kistos Holdings plc (LSE: KIST) announced on Wednesday 19 April 2023 that it will enter the Norwegian Continental Shelf as it has agreed to acquire Mime Petroleum AS from Mime Petroleum S.a.r.l. (owned by Blue Water Energy LLP). The consideration for the acquisition of all outstanding shares of Mime is US$1 plus the issue of up to 6 million warrants exercisable into new Kistos ordinary shares at a price of 385p each, which represents a premium of 31.4% to the last trading date prior to 18 April 2023.
In addition, Kistos assumes a net interest-bearing debt of approximately USD 111m through restructuring of the existing bonds issued by Mime.
Mime’s assets include a 10% stake in the Balder joint venture and a 7.4% stake in the Ringhorne East unit. The acquisition will add 24 million barrels of oil equivalent in 2P reserves at Balder and Ringhorne and 30 million boe of 2C resources. Following the acquisition, the group’s production will be around 8,500-10,500 boepd. Production is expected to rise to 15,000 boed once the Jotun floating production storage and offloading unit is in operation in 2025.