Kistos has signed a binding agreement with Petrogas North Sea to acquire a 30% non-operated interest in the Abbey and Baker gas fields in the UK Southern North Sea, targeting first gas production in 2029.
The agreement, signed through Kistos Energy, also includes a 30% interest in associated infrastructure, with the acquisition expected to add approximately 9 million barrels of oil equivalent (mmboe) of net proved and probable (2P) reserves upon a final investment decision, anticipated in 2027.
The Abbey and Baker fields are located in the UK Southern Gas Basin in water depths of approximately 40 meters.
The planned development comprises four wells across the two fields, tied back subsea to an existing nearby platform, with gas exported into the UK National Transmission System.
The development is approximately 98% gas, with gross production expected to peak at around 18,000 barrels of oil equivalent per day (boepd) and estimated net plateau production attributable to Kistos of approximately 4,000 boepd.
Baker was discovered in 2024, while Abbey was successfully appraised in 2025. A development concept has been selected and key engineering studies completed, with a draft Field Development Plan and Environmental Statement submitted in July 2026.
Following completion of the transaction, Petrogas, which has operated the fields since 2022, will retain a 70% working interest and operatorship, alongside Kistos with 30%.
The acquisition is subject to consent from the North Sea Transition Authority and other customary conditions, with completion expected before the end of 2026.