Vår Energi completes sale of Bøyla asset as part of portfolio optimisation

Sandnes, Norway 1 November 2024: Vår Energi ASA (OSE: VAR) completes the sale of its 20% interest in the Bøyla field to Concedo AS for an after-tax consideration of USD 24 million.

The transaction with Concedo AS is in line with Vår Energi's stated strategy to dispose of non-core assets to high grade the portfolio, supporting further growth and long-term value creation in the Company’s core hub areas. Concedo AS will assume full decommissioning liabilities for the Bøyla field interests.

The Bøyla field is a mature producing field located in the North Sea operated by Aker BP (80%). The field started production in 2015 and is developed with a subsea template tied-back to the Alvheim FPSO. Vår Energi's net production from the Bøyla field was approximately 1300 barrels of oil equivalent per day in the first nine months of 2024. Net remaining proved plus probable (2P) reserves for the fields is 1.6 million barrels of oil equivalent at year end 2023.

Contact

Investor relations

Ida Marie Fjellheim, VP Investor Relations

+47 90509291

ida.fjellheim@varenergi.no

Media relations

Andreas Wulff, VP Public Affairs

+47 92616759

andreas.wulff@varenergi.no

About Vår Energi

Vår Energi is a leading independent upstream oil and gas company on the Norwegian continental shelf (NCS). We are committed to deliver a better future through responsible value driven growth based on over 50 years of NCS operations, a robust and diversified asset portfolio with ongoing development projects, and a strong exploration track record. Our ambition is to be the safest operator on the NCS, the partner of choice, an ESG leader with a tangible plan to reduce emissions from our operations by more than 50% within 2030.

Vår Energi has around 1400 employees and equity stakes in 42 producing fields. We have our headquarters outside Stavanger, Norway, with offices in Oslo, Hammerfest and Florø. To learn more, please visit varenergi.no