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Ringhorne East unit.
The transaction with DNO 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 our core hub areas. The assets being sold are late
life, and the transaction will improve Vår Energi’s unit operating costs and
emissions intensity outlook.
Vår Energi CEO Nick Walker says:
“Vår Energi is one of the fastest growing E&P companies in the world and is
firmly on track to reach production of around 400 thousand barrels of oil
equivalent per day by the end of 2025. Following the Neptune transaction our
stated plan was to dispose of non-core assets to high grade the portfolio, and
we are pleased to have reached an agreement with DNO for the sale of producing
field interests in the Norne area and to receive an increased stake in the
Ringhorne East unit. This transaction reduces our operating cost and emissions
outlook and enhances future value creation.”
The Norne area is located in the Norwegian Sea and include the Norne (6.9%), Urd
(11.5%), Skuld (11.5%) and Marulk (20%) fields and the Verdande (10.49%)
development project.
Vår Energi’s net production from the Norne area fields was approximately three
thousand barrels of oil equivalent per day in 2023 and first quarter 2024. Net
remaining proved plus probable (2P) reserves for the fields is 7 million barrels
of oil equivalent at year end 2023.
The agreement will be effective from 1 January 2024. DNO Norge AS will assume
decommissioning liabilities for the acquired fields. As part of the transaction
Vår Energi will receive DNO Norge AS’s 22.62% stake in the Ringhorne East unit.
The transaction is subject to customary regulatory approvals and is expected to
close in the third quarter 2024. The transaction does not impact Vår Energi’s
previously announced production guidance for 2024, year-end 2025 and beyond.
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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