Temporary reduced production at Ringhorne and Balder Fields

10 Feb 2023 08:00 CET

The Operator, Vår Energi, has temporary reduced production from the Balder field
by about 9 000 barrels (gross) per day, representing a net reduction for the
Company of approximately 900 barrels per day.
This is a precautionary measure following a potential integrity concern
associated with a riser identified through the Operator’s monitoring systems.
Ongoing inspection and analysis will determine when production can be resumed.

The Company has assessed the potential implications of the temporary reduction
at Ringhorne and Balder. The riser was scheduled to be changed during 2023 and
acceleration measures are now investigated for preparedness purposes.

There is no impact on the Company’s reserves, and the deferred volume is
expected to be produced by year end 2026. The impact on the Company’s cash flow
is estimated to amount to a reduction of USD 6-17 USD million, pending when
production reverts to normal.

For more information, please contact:

Olav Haugland
CFO
+47 915 41 809

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