Vår Energi sells Bøyla asset as part of portfolio optimisation

24 May 2024 14:47 CEST

Sandnes, Norway 24 May 2024: Vår Energi ASA (OSE: VAR) has signed an agreement
with Concedo AS for the disposal of a 20% interest in the Bøyla field for a
consideration of USD 24 million.

"The transaction is aligned with our stated ambition to dispose of non-strategic
assets to optimise our portfolio of assets; reducing our operating costs and
emission outlook and enhance future value creation" says Stefano Pujatti, CFO of
Vår Energi.

The transaction is subject to customary regulatory approvals and is expected to
close in the fourth quarter 2024, with effective date 1 January 2024. Concedo
will assume full decommissioning liabilities for the acquired field. The
transaction does not impact Vår Energi's previously announced production
guidance for 2024, year-end 2025 and beyond.

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 1.4 kboepd in first quarter 2024.

Houlihan Lokey acted as exclusive financial advisor to Vår Energi on the
transaction and Advokatfirmaet Schjødt as legal advisor.

Contact

Investor relations

Ida Marie Fjellheim, Head of Investor Relations
+47 905 09 291
ida.fjellheim@varenergi.no
Stian Seipæjærvi, Investor Relations Analyst
+47 909 54 060
stian.salmi.seipaejaervi@varenergi.no

Media
Andreas Wulff, VP Communications
+47 926 16 759
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 1 300 employees and equity stakes in 47 fields. We have our
headquarters outside Stavanger, Norway, with offices in Oslo, Hammerfest and
Florø. To learn more, please visit varenergi.no

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