1 minute read | May.03.2023
We advised Kistos Holdings plc (LSE: KIST) ("Kistos"), the low carbon intensity hydrocarbon producer pursuing a strategy to acquire assets with a role in energy transition, on its conditional agreement to acquire 100% of the outstanding share capital of Mime Petroleum A.S. ("Mime") from Mime Petroleum S.a.r.l..
Mime is an oil & natural gas company based in Oslo, Norway, focused on development and production projects on the Norwegian Continental Shelf.
The consideration for the transaction is US$1 plus the issue of up to 6 million warrants exercisable into new Kistos ordinary shares at a price of 385p each. Following the repayment of certain debt of Mime, the enlarged group will assume the remaining US$225 million. A payment to Mime's bondholders of up to US$45 million in 2025 is contingent on certain operational milestones being achieved. Completion of the transaction is conditional on receiving customary regulatory approvals.