Result of GM and notice of Trading Update

14 May 2021

Kistos plc

("Kistos" or the "Company")

Result of General Meeting Total Voting Rights, and notice of Trading Update

Kistos, the low carbon gas producer, is pleased to announce that, at its General Meeting held earlier today in connection with the acquisition of the entire issued and outstanding share capital of Tulip Oil Netherlands B.V., all Resolutions were duly passed.

The results of the poll voting will be published on the Company's website later today. In addition, the company will be issuing a Trading Update immediately following completion of the acquisition of Tulip which is anticipated to be on the 20^th May 2021.

Admission and Total Voting Rights

In aggregate, 42,613,743 New Ordinary Shares have been allotted and issued (conditional on Admission) pursuant to the Proposals, comprising 8,742,775 Consideration Shares issued to the Vendor and 33,870,968 New Ordinary Shares issued pursuant to the Equity Financing.

Application has been made for the Enlarged Share Capital of 82,863,743 Ordinary Shares to be admitted to trading on AIM. It is expected that Admission will become effective and that dealings in the Enlarged Share Capital will commence at 8.00 a.m. on 17 May 2021.

Following Admission, the Company's issued ordinary share capital will consist of 82,863,743 Ordinary Shares, with the right to one vote each. The Company will hold no Ordinary Shares in treasury. Therefore, the total number of ordinary shares and voting rights in the Company will be 82,863,743. With effect from Admission, this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Company's Articles of Association.

Board

As announced on 20 April 2021, the following Board changes will take effect conditional on and from Admission:

·    Andrew Austin, currently Non-Executive Chairman of the Company, will assume the role of Interim Chief Executive Officer; and

·    Richard Benmore, currently Independent Non-Executive Director of the Company, will assume the role of Interim Independent Non-Executive Chairman.

Capitalised terms in this announcement have the same meanings given to them in the Company's admission document dated 21 April 2021.

ENDS 

Enquiries:

Notes to editors

Kistos plc was established to acquire and manage companies in the energy sector engaging in the energy transition trend. The Company is acquiring Tulip Oil Netherlands B.V., which has a portfolio of assets which include profitable, cash generative producing assets, plus exploration and appraisal assets.  Tulip Oil has 19.5 mmboe of 2P reserves and has 102.1 mmboe contingent resources.

The Q10-A, gas field in the Dutch North Sea (60% working interest and operator) had 2020 Scope 1 carbon emissions of 9g CO2e/boe, compared to an industry average of 22kgCO2/boe for gas extractions from the UK continental shelf.  The Q10-A platform is located approximately 20 km from the Dutch shore, is powered sustainably via wind and solar power, is remotely operated, limiting offshore visits, which are conducted by boat.

Kistos is led by Andrew Austin, who founded, grew and sold RockRose Energy.  Richard Benmore, Julie Barlow and Alan Booth are also directors.

https://kistosplc.com/