Kistos PLC (AIM:KIST) interim results showed lower production and lower overall prices, resulting in a 13% decline in first-half revenue.
For the six months, ending 30 June, revenue amounted to $113.33 million from $129.72 million a year ago.
Production from its operations in Norway, the Netherlands, and the UK averaged 8,400 barrels oil equivalent per day, from 9,200 boepd. And, whilst its realised oil sales price was actually 8% higher at $82 per barrel, the gas sales price over the period was down 33% (on an oil equivalent basis it was $54).
Earnings (adjusted EBITDA) meanwhile fell 34% to $48.59 million.
Kistos ended the half with $72 million of cash, whilst net debt stood at $175 million.
During the half, Kistos completed the acquisition of EDF's Hill Top Farm and Hole House gas storage assets in the UK for £25 million.
The firm retained its full-year production guidance of between 7,500 and 8,500 boepd, and told investors that ‘first oil’ from its Balder Future project, originally expected in late 2024, would now slip to the second quarter of 2025.
Chief executive Andrew Austin, meanwhile, highlighted that Kistos continues to seek acquisition opportunities (on the right terms).
“The priority remains both operational delivery and continuing to seek out inorganic growth opportunities,” Austin said in a statement.
“We are committed to ensuring that any transaction offers meaningful near-term value creation for shareholders, on an acceptable risk profile.
“This strategy of pursuing deals not just at the right price but on the right terms, has been validated by the mitigations put in place around the timing of the Balder Future project, where we've protected shareholders from additional cost whilst maintaining exposure to significant upside potential."
In London, Kistos shares were down 7p or 5.8% to 114p each.