Vår Energi completes sale of Norne area assets and increases its interest in the Ringhorne East Unit

Sandnes, Norway 30 August 2024: Vår Energi ASA (OSE: VAR) completes the sale of its Norne area field interests to DNO Norge AS for a fixed after-tax consideration of USD 51 million. The Norne area is located in the Norwegian Sea and the transaction include interests in the Norne (6.9%), Urd (11.5%), Skuld (11.5%) and Marulk (20%) fields and the Verdande (10.49%) development project.

As part of the transaction DNO Norge has assigned to Vår Energi their 22.62% interest in the Ringhorne East unit, taking Vår Energi’s interest to 92.6%.

The transaction with DNO Norge 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. The assigned assets are late life, and the transaction will improve Vår Energi's unit operating costs and emissions intensity outlook. DNO will assume the associated decommissioning liabilities for the Norne area field interests.

Vår Energi's net production from the Norne area fields was approximately three thousand barrels of oil equivalent per day the first half of 2024. Net remaining proved plus probable (2P) reserves for the fields is 7 million barrels of oil equivalent at year end 2023.

Contact

Investor relations
Ida Marie Fjellheim, VP Investor Relations
+47 90509291
ida.fjellheim@varenergi.no

Stian Seipæjærvi, Sr. Investor Relations Analyst
+47 90954060
stian.salmi.seipaejaervi@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 43 producing fields. We have our headquarters outside Stavanger, Norway, with offices in Oslo, Hammerfest and Florø. To learn more, please visit varenergi.no