Announcement • Jun 03
Vår Energi ASA Approves Dividend for the First Quarter of 2026, Payable on 12 June, 2026 Vår Energi ASA announced the annual general meeting held on 29 May in Vår Energi resolved to pay a dividend payment of NOK 1.110 per share, NOK 2,771,010,933 in total, equal to USD 300 million, relating to First Quarter 2026. The dividend will be paid on 12 June in NOK and the NOK dividend amount is based on the daily exchange rate published by Norges Bank 7 May approximately at 1600hrs CEST. The shares in Vår Energi ASA will be traded ex dividend of NOK 1.110 per share for the first quarter of 2026, as of 3 June. Announcement • Apr 24
Vår Energi ASA Announces Dividend for the First Quarter of 2026, Payable on 12 June, 2026 and Dividend Guidance for the Second Quarter of 2026 Vår Energi ASA announced dividend for the first quarter of 2026, payable on 12 June, 2026 and dividend guidance for the second quarter of 2026. For the first quarter, the company announced dividend of USD 300 million, which will be distributed on 12 June, 2026.
For the second quarter, the company expects dividend continues at USD 300 million, in line with stated dividend policy of 25 to 30% of cash flow from operations after tax over the cycles. Announcement • Feb 10
Vår Energi ASA Provides Production Guidance for the Full Year 2026 Vår Energi ASA provided production guidance for the full year 2026. For the year, the company production in the range of 390,000 to 410,000 barrels of oil equivalent per day (kboepd) and raises the long-term production target to more than 400 kboepd. Announcement • Jan 30
Vår Energi ASA Approves Dividend for Fourth Quarter 2025, Payable on 12 February 2026 The extraordinary general meeting of Vår Energi ASA was held on 30 January 2026. In accordance with the proposals made by the Board of directors, the general meeting approved a dividend of NOK 1.209 per share, NOK 3,018,155,151 in total, equivalent to USD 300 million, relating to fourth quarter of 2025. Last day including right is 2 February 2026. Ex-date is 3 February 2026. Record date is 4 February 2026. Payment date is 12 February 2026. Announcement • Jan 27
Vår Energi ASA Reports Non-Cash Impairment Guidance for the Fourth Quarter of 2025 Vår Energi ASA reported non-cash impairment guidance for the fourth quarter of 2025. For the quarter, the non-cash impairment of technical goodwill is estimated to be around USD 70 million pre-tax (around USD 70 million post tax) related to Njord Area, Gjøa and Snorre. Announcement • Jan 16
Var Energi Delivers Successful Well Test Results at the Goliat Ridge Var Energi announced the completion of the appraisal well with two production tests on the Zagato structure in the Goliat Ridge discovery in the Barents Sea, confirming reservoir quality and adding recoverable volumes. The well was drilled approximately seven kilometers northeast of the Var Energi operated Goliat field. The production tests confirmed good quality reservoirs and oil quality similar to the Goliat field. The latest well tested two intervals with each showing maximum flow rates of more than 4000 barrels of oil per day, confirming reservoir quality. Var Energi and licence partner Equinor have drilled a total of five wells and one side track in the area. Including the latest well, the Goliat Ridge is estimated to contain gross discovered recoverable resources of 35 to 138 million barrels of oil equivalents (mmboe), and with additional prospective resources taking the total gross potential to over 200 mmboe. A tie-back to the nearby Goliat FPSO is being planned, targeting first production in 2029. Announcement • Jan 09
Vår Energi ASA Proposes Dividend for the Fourth Quarter of 2025, Payable on 12 February 2026 Vår Energi ASA announced on 9 January 2026 the notice of an extraordinary general meeting to be held on 30 January 2026 to approve a dividend of NOK 1.209 per share, amounting to a total of NOK 3,018,155,151, equivalent to USD 300 million, relating to Fourth Quarter 2025. The dividend, subject to approval by the EGM, will be paid in NOK, with the amount based on the daily exchange rate published by Norges Bank on 7 January 2026. The last day including the right to the dividend is 2 February 2026, the ex-date is 3 February 2026, the record date is 4 February 2026, and the payment date is 12 February 2026. Announcement • Nov 12
Vår Energi ASA Approves Dividend for Third Quarter 2025, Payable on 25 November 2025 The extraordinary general meeting of Vår Energi ASA was held on 11 November 2025, In accordance with the proposals made by the Board of directors, the general meeting approved a dividend of NOK 1.211 per share, NOK 3,023, 147,964 in total, equivalent to USD 300 million, relating to Third quarter of 2025. Ex-date: 17 November 2025 with Record date: 18 November 2025. Payment date: 25 November 2025. Date of approval: 11 November 2025. Last day including right: 14 November 2025. Announcement • Nov 11
Vår Energi ASA, Annual General Meeting, May 12, 2026 Vår Energi ASA, Annual General Meeting, May 12, 2026. Announcement • Oct 22
Vår Energi ASA Provides Production Guidance for the Fourth Quarter and Full Year of 2025; Provides Production Guidance for the Year 2026 Vår Energi ASA provided production guidance for the year 2025. For the year, the company on track to meet around the midpoint of full year guidance range of 330,000 to 360,000 barrels of oil equivalent per day.
For the fourth quarter, the company expects to produce approximately 430,000 barrels per day in the fourth quarter, which means the company is on track to meet around the midpoint of the production guidance range for the year.
For the year 2026, the company will maintain approximately 400,000 barrels per day in 2026. Announcement • Aug 26
Vår Energi AS Provides Production Guidance for the Fourth Quarter and Full Year of 2025 Vår Energi AS provided production guidance for the fourth quarter and full year of 2025. For the quarter, the company is on track to produce around 430 kboepd in the fourth quarter of this year.
For the year, the company expects to achieve the mid-point of its full-year production guidance of 330 kboepd to 360 kboepd. Announcement • Aug 12
Vår Energi as Approves Dividend for Second Quarter 2025, Payable on 26 August 2025 Vår Energi AS at its EGM held on August 12, 2025 approved a dividend of NOK 1.222 per share, NOK 3,050,608,433 in total, equivalent to USD 300 million, relating to Second Quarter 2025. Payment date: 26 August 2025; Record date: 19 August 2025; Ex-date: 18 August 2025. Announcement • Jul 22
Vår Energi AS Provides Full Year Dividend Guidance for 2025 and 2026 Vår Energi AS provided Full year dividend guidance for 2025 and 2026 of USD 1.2 billion. Announcement • Jul 21
Var Energi Makes Commercial Gas-Condensate Discovery Near the Fenja Field in the Norwegian Sea Var Energi announced a new commercial gas and condensate discovery in the Vidsyn exploration well, located close to the Var Energi-operated Fenja field in the Norwegian Sea. The discovery is the third commercial discovery for Var Energi so far in 2025 and will be evaluated as a potential tie-in to Fenja. The discovery was made on the Vidsyn ridge, which has the potential to hold up to 100 million barrels of oil equivalent (mmboe) gross. The Vidsyn well confirms discovered recoverable resources in the range of 25 to 40 mmboe gross, which are considered commercial. The remaining potential of the ridge will be assessed through an appraisal programme, to facilitate for a fast track development. The well encountered very good quality reservoirs with over 200 metres of hydrocarbon column. The discovery is located updip of a previous exploration well, providing a clear framework confirming commerciality and supporting further evaluation of the broader Vidsyn ridge. The reservoir contains high quality gas-condensate only eight kilometres from the existing Fenja subsea infrastructure, which is tied into the Njord host facility. The partners in the licence are Var Energi (operator, 75%) and DNO ASA's wholly-owned subsidiaries DNO Norge AS (7.5%) and Sval Energi AS (17.5%). Announcement • Jul 11
Vår Energi as Provides Production Guidance for the Fourth Quarter; Reaffirms Production Guidance for Full Year 2025 Vår Energi AS Provides Production Guidance for the Fourth Quarter; Reaffirms Production Guidance for Full Year 2025. For the quarter, the company expects production guidance to be around 430 kboepd.
For the full year company expects production in the middle of the guided range of 330 to 360 kboepd. Announcement • Jun 30
Var Energi Together with Partners Equinor and Petoro, Announces Commercial Oil Discovery in the Barents Sea Var Energi together with partners Equinor and Petoro, announced a commercial oil discovery in the Equinor operated Drivis Tubaen prospect in the Barents Sea, adding to recent exploration success in the area. The discovery will be considered as a possible tie-in to the Johan Castberg facilities. The preliminary gross recoverable resources are estimated to be between 9-15 million barrels of oil equivalent (mmboe). The well was drilled in the Drivis structure within the Johan Castberg field, as part of the plan to further develop the area. Announcement • Jun 26
Var Energi and Equinor and Inpex Idemitsu Submits the Plan for Development and Operation for the Fram Sor Project in the North Sea Var Energi and its partners in the Fram licence, Equinor and INPEX Idemitsu, have submitted the plan for development and operation (PDO) for the Fram Sor project in the North Sea. Production is scheduled to start at the end of 2029. The Fram partners will invest more than NOK 21 billion (USD 2.2 billion) in the subsea project, operated by Equinor. Recoverable reserves are estimated at 116 million barrels of oil equivalent (mmboe) gross, of which 75% is oil and 25% gas. The Fram Sor project (in licences PL090/090I/090E) is a combined development of several discoveries, including Echino South and Blasto, that will export oil and gas via the Troll C platform. The development will bring highly valuable barrels on stream by connecting new infrastructure to existing facilities. Fram Sor has strong economics and fulfils Var Energi's investment criteria for new developments. Building on recent discoveries, Mulder and Rhombi, a series of follow-on exploration targets are set to be drilled in the coming years, unlocking potential further upside. Var Energi estimate that the prospective unrisked resources in the area is more than 200 mmboe gross. The PDO was submitted to the Minister of Energy in Norway, Terje Aasland. Fram partners: Equinor Energy AS (operator and 45%), Var Energi ASA (40%) and INPEX IdEMitsu Norge AS (15%). Announcement • Jun 23
Var Energi Starts Production from the Jotun FPSO Kistos Holdings plc announced the announcement made by Var Energi, the operator of the Balder Area, Norway, confirming the start of production from the Jotun FPSO. With production set to ramp up over the next few months, adding 8,000 boepd (net) to existing 3,000 boepd (net) from the wider Balder Area, peak production in Norway is expected to exceed 11,000 boepd (Net). These low-cost barrels will notably increase the oil weighting of portfolio and deliver significant cashflow. Utilising the infrastructure now in place, Balder Phase V and the recently sanctioned Phase VI project will bring new production wells onstream as early as this year, accelerating the conversion of 2C resources to 2P reserves and offering fast-track developments to sustain long-term, high-value production. The entry into Norway, has delivered significant upside for the Company and its shareholders, for a nominal consideration with significant mitigations put in place around the timing of the completion of the Balder Future project. It highlights the importance that will always place as a management team on identifying opportunities which offer significant near-term value accretion, at the right price and on the right terms. Var Energi successfully started production through the Jotun FSPO. This marks the start of a new era for the Balder field in the North Sea, extending the life of the first production licence, PL001, on the Norwegian Continental Shelf, adding high value barrels towards 2045 and beyond. By bringing the Jotun FPSO onstream, production is expected, within three to four months after start-up, to increase by approximately 80 thousand barrels of oil equivalent per day (kboepd) gross, on top of the current production of approximately 30 kboepd gross through the Balder FPU and Ringhorne facilities. The Jotun FPSO will have a low operating cost of around USD 5 per barrel and estimated gross proved plus probable recoverable reserves from the project at 150 million barrels of oil equivalent (mmboe). All 14 production wells have been completed and will be brought onstream during the ramp-up period to reach peak production. Together with the Balder Phase V project starting up later this year, the project has a payback time of around two years1. In addition, with the Jotun FPSO installed as an area host, Var Energi is taking necessary steps to add new production through infill drilling, exploration and tie-back developments with short time to market. Var Energi is operator (90%) of the Balder field, with Kistos Energy Norway as partner (10%). Announcement • Apr 23
Vår Energi AS Announces Dividend for the First Quarter of 2025, Payable on May 08, 2025 The Board of Vår Energi ASA has resolved to pay a dividend payment of NOK 1.245 per share, NOK 3,108,025,776 in total, equal to USD 300 million relating to first quarter of 2025. Ex-date is April 29, 2025. Payment date of May 08, 2025. Record date is April 30, 2025. Announcement • Mar 31
Vår Energi AS Starts Production Vår Energi AS announced production from the Johan Castberg field commenced on 31 March, marking the start of a new era in the Barents Sea region. The field will contribute with 66 kbopd net to Var Energi at plateau levels and is an important catalyst for the Company to deliver on its growth target of reaching more than 400 thousand barrels of oil equivalent per day (kboepd) in fourth quarter this year. The Equinor operated Johan Castberg FPSO has a gross capacity of 220 kbopd, and the field holds gross recoverable volumes of between 450 and 650 million barrels of oil. 12 production wells are now ready to be put on stream, sufficient to bring the field to plateau levels in the second quarter of 2025. A total of 30 wells will be drilled at the Johan Castberg field, and drilling operations are expected to continue towards the end of 2021. Johan Castberg reinforces the role of the Barents Sea as a major energy provider to Europe, while creating value for all stakeholders, including major ripple effects in northern Norway. The Johan Castberg area is highly prospective, and several new discoveries made in recent years are already being matured into projects, including Johan Castberg Cluster 1. Cluster 2 is progressing through near field exploration, and an extensive infill drilling program is being planned. In total, there are between 250 and 550 million barrels of oil of additional gross unrisked recoverable resources identified in the area. Johan Castberg is located 240 kilometres northwest of Hammerfest. The field has a supply and helicopter base in Hammerfest. Announcement • Mar 13
Var Energi Initiates Tow Out of the Jotun Floating Production, Storage and Offloading Vessel (FPSO) from the Worley Rosenberg Yard to the Balder Field Var Energi initiates tow out of the Jotun floating production, storage and offloading vessel (FPSO) from the Worley Rosenberg yard to the Balder field - on schedule for production start by the end of the second quarter this year. Balder X is a key element to this plan and once the Jotun FPSO comes on stream, production from the field will be close to quadrupled, adding around 80 kboepd gross at peak. Balder X, with a payback time of around two years, including the sanctioned Balder Phase V project, marks the start of a new era in the North Sea, extending the lifetime of the first production licence PL001 on the Norwegian Continental Shelf to 2045 and beyond, and opens a wide potential for continued value creation. The Balder X project develops gross proved plus probable (2P) reserves of 150 million barrels of oil equivalent (mmboe). In addition, with the Jotun FPSO installed as an area host, Var Energi is taking necessary steps to add new production through infill drilling, exploration and tie-back developments with short time to market. Also, in the Greater Balder area several new early phase projects are being progressed towards sanction, including Ringhorne North, Balder future phases and the King discovery, targeting gross contingent resources of more than 70 mmboe. While these projects are being moved forward, further exploration drilling is planned to unlock considerable additional resources. The Jotun FPSO also creates an opportunity to optimise the infrastructure in the area, including taking the Balder floating production unit (FPU) to shore for decommissioning, and the planned electrification of the Balder/Grane Area, reducing unit production cost and carbon emissions for the company. The tow out program for the Jotun FPSO from Worley Rosenberg yard in Stavanger includes a number of stages: First, the FPSO vessel will perform inclination tests at the quayside before being towed to Amoyfjorden, near Stavanger, for inshore sea trials and anchor installation work. After this, the vessel will be towed to the field for installation, hook-up to the installed subsea production systems and final commissioning. All 14 production wells are completed, and production is planned to start by the end of the Second quarter 2025, with an expected three to four months ramp up period to peak production. Announcement • Feb 13
Vår Energi Provides Production Guidance for the Fourth Quarter and Full Year of 2025 and Full Year of 2026 Vår Energi provides production guidance for the fourth quarter and full year of 2025 and full year of 2026. For the quarter, the company expects production guidance increased to over 400 kboepd driven by project start-ups.
For the full year of 2025, the company production expects at 330-360 kboepd.
For the full year of 2026, the company plan to maintain production at around 400 kboepd and organically sustain production between 350-400 kboepd towards 2030. Announcement • Feb 11
Vår Energi AS Resolves to Pay Dividend for the Fourth Quarter of 2024, Payable on February 25, 2025 The Board of Vår Energi ASA resolved to pay a dividend payment of NOK 1.213 per share, NOK 3,028,140,776 in total, equal to USD 270 million relating to fourth quarter of 2024. Ex-date: February 17, 2025. Record date is February 18, 2025. Payment date: February 25, 2025. Date of approval: February 10, 2025. Announcement • Dec 12
Var Energi Confirms an Oil Discovery in the Operated Countach Appraisal Well Near the Goliat Field in the Barents Sea Var Energi ASA confirms an oil discovery in the operated Countach appraisal well near the Goliat field in the Barents Sea. The preliminary estimated gross recoverable resources encountered in the well are between 4 to 25 million barrels of oil equivalent (mmboe), bringing the total estimated recoverable resources in the Countach discovery to 10 to 55 mmboe. The discovery confirms the potential of the Goliat ridge, where additional gross prospective recoverable resources of over 100 mmboe will be assessed with the planned drilling program in 2025. The appraisal well was drilled following the Countach discovery of 3 to 13 mmboe announced in 2023, which is located about 13 kilometres northeast of the Goliat FPSO, and the results from the well increase the estimated gross recoverable resources for the discovery to between 10 to 55 mmboe". In addition to encountering oil in the Cobbe formation with good reservoir quality, an oil column of over 200 metres was encountered in the Klappmyss formation, which despite being of poorer reservoir quality, opens new opportunities in the deeper section of the Goliat ridge. To assist further development of the Goliat area, Var Energi is planning to acquire new 3D and 4D seismic during 2025. Estimated additional gross prospective recoverable resources in the Goliat ridge at the Zagato North, Zagato South and Goliat North prospects are estimated to exceed 100 mmboe. In comparison, the original plan of development and operations (PDO) for Goliat was based on total expected recoverable reserves of 176 million barrels of oil, underlining the significance of the Goliat ridge opportunity. The Barents Sea is believed to hold half of the remaining undiscovered resources on the NCS. The Countach appraisal well is the first well of the planned two-year drilling campaign in the Barents Sea, a collaboration effort with Equinor, targeting both infill production and exploration wells. In total, Var Energi plans to drill around 20 exploration wells in the Barents Sea region over a four-year period, as part of the Company's plan to sustain production at 350-400 thousand barrels of oil equivalent per day long term. After completing work at Countach, a new exploration well is planned on the Elgol prospect, located 17 kilometres northeast of Goliat. Var Energi operates the licence with 65% of interest, while Equinor owns the remaining 35%. Announcement • Dec 10
Var Energi ASA Provides a Schedule Update for the Johan Castberg Development Project Var Energi ASA provided a schedule update for the Johan Castberg development project, operated by Equinor. The field is expected to start-up in January/February 2025, moved from end-2024, due to adverse weather conditions in the Barents Sea during the final stage of commissioning and start-up. The Johan Castberg FPSO was anchored on the field in the Barents Sea in September this year. The FPSO has been drilled up to the subsea facility and the project is now approaching start-up. All wells required to meet the plateau capacity of 220 thousand barrels of oil equivalent per day (kboepd) have been drilled and are ready for production. Due to the revised plan for start-up the Company's 2024 full year production will be at the lower end of the guided range of 280 to 290 kboepd. The Company's end-2025 production target of around 400 kboepd is not affected by the updated project start-up. Announcement • Oct 24
Vår Energi AS, Annual General Meeting, May 12, 2025 Vår Energi AS, Annual General Meeting, May 12, 2025. Announcement • Oct 15
Vår Energi Announces Chief Financial Officer Changes Vår Energi ASA announced a change to its executive committee. Effective 1 December 2024, Carlo Santopadre will join the executive committee as Chief Financial Officer. Carlo Santopadre has over 15 years of experience in the industry, primarily with the Italian energy major, Eni SpA. He has held various senior finance roles in Eni Head Office and subsidiaries across North Africa, the Middle East, and West Africa. Prior to joining Eni he worked for KPMG. Stefano Pujatti, who has served as CFO in Vår Energi since 2019, will be pursuing new opportunities within Eni following a short transition period. The Company thanks Stefano for his significant contributions and leadership over the past five years. Announcement • Aug 31
DNO Norge AS completed the acquisition of unknown minority stake in five oil and gas fields in the Norne area in the Norwegian Sea of Vår Energi ASA. DNO Norge AS entered into an agreement to acquire unknown minority stake in five oil and gas fields in the Norne area in the Norwegian Sea of Vår Energi ASA on May 8, 2024. The cash consideration is $51 million. In addition, the Company will transfer its stake in Ringhorne East (22.6%) located in a non-core area for DNO to Vår Energi. The transaction includes an interest in four producing fields, Norne (6.9 percent), Skuld (11.5%), Urd (11.5%) and Marulk (20%), plus the ongoing Verdande development (10.5%). Prior to the transaction, DNO held interests in Marulk (17%), Alve (32%) and the ongoing Andvare development (32%). The transaction creates a new core area for DNO in the North Sea as DNO will hold interests in all producing and under development fields in the greater Norne area, including the Norne hub. The transaction adds more than eight million barrels of oil equivalent (MMboe) in reserves and resources net to DNO. In terms of production, the transaction (net to DNO, including divestment of Ringhorne East) is estimated to add 3,000 barrels of oil equivalent per day (boepd) to DNO’s output at closing, rising to above 5,000 boepd in 2026 as the Verdande contribution kicks in.
The effective date of the transaction is January 1, 2024 and 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 and Advokatfirmaet Schjødt as legal advisor to Vår Energi on the transaction.
DNO Norge AS completed the acquisition of unknown minority stake in five oil and gas fields in the Norne area in the Norwegian Sea of Vår Energi ASA on August 30, 2024. Announcement • Aug 30
Vår Energi Asa Announces Resignation of Ove Gusevik from the Board, Effective 1 September 2024 Ove Gusevik informed Vår Energi ASA (Company) that he has decided to resign from his position as board member in order to focus on assignments for HitecVision. The resignation is effective as of 01 September 2024. The election committee is in the process of finding a replacement for Gusevik, and an extraordinary general meeting for the purpose of supplementing the board is expected to be called shortly. Announcement • Aug 21
Vår Energi ASA Provides Schedule Update for the Balder X Development Project Vår Energi ASA provided a schedule update for the Balder X development project. The target production start has been moved to the second quarter 2025. As previously communicated, the revised plan has limited impact on the Company's 2024 production and no material impact on guided capital costs. The Company's end-2025 production target of around 400 thousand barrels of oil equivalent per day (kboepd) is not affected by the updated project start-up. With all development wells completed and all subsea production systems installed, the plan is now to complete the FPSO vessel fully onshore, enabling first oil within the second quarter next year. As part of the decision not to sail, the cost basis for the project has been updated reflecting a sail-away in the spring of 2025, this represents an additional project cost of around USD 400 million gross pre-tax (NOK ~4.27 billion¹) of which approximately 75% will be incurred in 2025. The Company's capital spend guidance for 2024 is revised down from USD 2.7-2.9 billion to around USD 2.6 billion, reflecting other cost reductions and a favourable NOK exchange rate. Vår Energi's production target for 2025 remains unchanged and the Company is on track to reach around 400 kboepd by end of next year. Balder X, will secure production from the Balder Area beyond 2045, unlocking gross proved plus probable (2P) reserves of around 150 million barrels of oil equivalent (mmboe) and with a gross peak production of 80 kboepd². The Jotun FPSO will be an area host, enabling future growth opportunities. Balder Phase V is being progressed, including the drilling of six production wells to utilise the remaining subsea template well slots to capture gross 2P reserves of more than 30 mmboe. Drilling of these wells will commence in the first half of 2025 and be completed in 2026. In addition, the Balder Phase VI project is being matured, to add new subsea facilities and wells, with expected investment decision planned first half of 2025. There remains significant additional resource upside in the area and further exploration drilling and tie-back development phases are being planned. Announcement • Jul 23
Vår Energi as Resolves to Pay Dividend for Second Quarter of 2024, Payable on August 6, 2024 The Board of Vår Energi ASA has resolved to pay a dividend payment of NOK 1.184 per share, NOK 2,995,744,995 in total, equal to USD 270 million relating to Second Quarter of 2024. Ex-date is July 29, 2024, Record date is July 30, 2024 and Payment date is August 6, 2024. Announcement • Jul 12
Vår Energi AS Provides Production Guidance for the Full Year 2024 Vår Energi AS provided production guidance for the full year 2024. For the year, the Company is on track to meet the full year production guidance of 280 kboepd to 300 kboepd. Announcement • Jun 27
The Vår Energi AS Announces Commercial Oil and Gas Discovery in the Gjøa Area in the North Sea The Vår Energi AS operated Cerisa exploration well in production license PL 636 was successful with estimated gross recoverable resources of between 18-39 million barrels of oil equivalent (mmboe). The discovery is the fourth discovery in a row close to the partly electrified Vår Energi operated Gjøa platform. Together with previous discoveries Gjøa North and Ofelia/Kyrre, Cerisa is a candidate to be tied into the Gjøa field by use of the existing infrastructure in the area. Combined, these discoveries have estimated gross recoverable resources of up to 110 mmboe. The commercial Cerisa discovery adds to an already impressive exploration track record. Over the past five years, Vår Energi has had a discovery rate of over 50%, with finding costs of less than USD 1 per barrel post tax. The discovery supports the Company's plans for continuous development of the North Sea as a long-term production hub for Vår Energi. The Cerisa discovery is currently being included as part of the Gjøa North and Ofelia/Kyrre project team to enable a fast-track delivery of these four discoveries into production. The Cerisa exploration well and three additional side-track appraisal wells were drilled by the semi-submersible drilling rig Deepsea Yantai. The oil-water contact was not encountered in the wells drilled, implying possible upside to the estimated resource range. The Cerisa discovery is located 17 kilometers northeast of the Vår Energi operated Gjøa platform and five kilometers from the Duva subsea template. The Gjøa field is about 80 kilometers southwest of Florø. Announcement • May 10
DNO Norge AS entered into an agreement to acquire unknown minority stake in five oil and gas fields in the Norne area in the Norwegian Sea of Vår Energi ASA. DNO Norge AS entered into an agreement to acquire unknown minority stake in five oil and gas fields in the Norne area in the Norwegian Sea of Vår Energi ASA on May 8, 2024. The cash consideration is $51 million. In addition, the Company will transfer its stake in Ringhorne East (22.6%) located in a non-core area for DNO to Vår Energi. The transaction includes an interest in four producing fields, Norne (6.9 percent), Skuld (11.5%), Urd (11.5%) and Marulk (20%), plus the ongoing Verdande development (10.5%). Prior to the transaction, DNO held interests in Marulk (17%), Alve (32%) and the ongoing Andvare development (32%). The transaction creates a new core area for DNO in the North Sea as DNO will hold interests in all producing and under development fields in the greater Norne area, including the Norne hub. The transaction adds more than eight million barrels of oil equivalent (MMboe) in reserves and resources net to DNO. In terms of production, the transaction (net to DNO, including divestment of Ringhorne East) is estimated to add 3,000 barrels of oil equivalent per day (boepd) to DNO’s output at closing, rising to above 5,000 boepd in 2026 as the Verdande contribution kicks in.
The effective date of the transaction is January 1, 2024 and 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 and Advokatfirmaet Schjødt as legal advisor to Vår Energi on the transaction. Announcement • Apr 24
Vår Energi AS Resolves to Pay Dividend to Fourth Quarter of 2024, Payable on May 8, 2024 The Board of Vår Energi ASA has resolved to pay a dividend payment of NOK 1.192 per share, NOK 2,975,716,245 in total, equal to USD 270 million relating to fourth quarter of 2024. Ex-date is April 29, 2024, Record date is April 30, 2024 and Payment date is May 08, 2024. Announcement • Apr 17
Vår Energi AS Announces New Oil Discovery in the North Sea Vår Energi AS confirmed discovery of oil in the Balder area in the Central North Sea. The latest Ringhorne North exploration well in production license (PL 956) was successful with estimated recoverable resources of between 13 and 23 million barrels of oil. Operator Vår Energi considers the discovery a potential commercial candidate to be tied into nearby existing infrastructure in the Balder area. The Ringhorne North discovery adds to an already impressive exploration track record. Over the past five years, Vår Energi has had a discovery rate of over 50 percent, with costs of less than USD 1 per barrel post tax. The discovery supports the plans for continuous development of the Balder area as a long-term production hub in the North Sea. In addition to unlocking new resources and proving the northern extension of the Ringhorne field, the Ringhorne North discovery also de-risks more drillable prospects in the area and opens up potential development synergies with other nearby Vår Energi operated discoveries such as King-Prince and Evra-Iving. The Ringhorne North exploration well and two additional side-track/appraisal wells were drilled by the semi-submersible rig Deepsea Yantai in the Central North Sea, eight kilometers north of the Vår Energi operated Ringhorne field, about 200 kilometers northwest of Stavanger. Announcement • Feb 13
Vår Energi Asa Resolve to Pay Dividend for the Fourth Quarter of 2023, Payable on February 27, 2024 The Board of Vår Energi ASA resolved to pay a dividend payment of NOK 1.136 per share, NOK 2,835,917,495 in total, equal to USD 270 million relating to fourth quarter of 2023. Ex-date: February 19, 2024. Record date is February 20, 2024. Payment date: February 27, 2024. Date of approval: February 12, 2024. Announcement • Feb 01
Vår Energi AS (OB:VAR) completed the acquisition of Neptune Energy Norge AS from Neptune Energy Group Holdings Limited. Vår Energi AS (OB:VAR) entered into an agreement to acquire Neptune Energy Norge AS from Neptune Energy Group Holdings Limited for an enterprise value of $2.3 billion on June 23, 2023. The consideration will be paid in cash and total consideration will include customary adjustments for cash, debt and working capital as at December 31 2022. Consideration will be financed through available liquidity and credit facilities and is expected to strengthen future dividend capacity. In a related transaction, Eni S.p.A has agreed to acquire the remaining assets of Neptune group outside of Norway and Germany in a separate transaction. Completion of both transactions is inter-conditional. Following completion, Neptune Norway will be merged into Vår Energi. All Neptune Norway employees will become employees of Vår Energi upon the consolidation of the two companies. The transaction is subject to certain customary closing conditions, including regulatory approvals from competition authorities and the Norwegian Ministry of Petroleum and Energy and the Ministry of Finance. The effective date of the Transaction will be January 1, 2023, with expected completion in the first quarter of 2024. The acquisition will add scale, diversification and longevity to Vår Energi’s portfolio. The acquired assets are complementary to ffår energi’s current portfolio and highly cash generative with low production cost and limited near-term investments.
J.P. Morgan and SpareBank 1 Markets AS acted as financial advisors, Advokatfirmaet Schjødt As acted as legal advisor, Deloitte acted as financial and tax advisor to Vår Energi. Goldman Sachs International and N M Rothschild & Sons Limited acted as financial advisors, Advokatfirmaet Thomas Svensen and Trond Lingaas of BAHR AS and Graham Watson and Alon Gordon, Toby Bingley, Tom Godwin and Charles Hayes of Freshfields Bruckhaus Deringer LLP acted as legal advisor to Neptune Energy.
Vår Energi AS (OB:VAR) completed the acquisition of Neptune Energy Norge AS from Neptune Energy Group Holdings Limited on January 31, 2024. As a part of closing, Neptune Norway will operate as a fully owned subsidiary of Vår Energi and change the name to Vår Energi Norge AS and from May 1, 2024, all employees of Vår Energi Norge AS will be fully integrated into the Vår Energi ASA organisation. The completion of the Transaction, which was announced on June 23, 2023, follows fulfilment of all closing conditions including relevant regulatory approvals. Announcement • Jan 23
Vår Energi AS Confirms Drilling Operations on the Exploration Wells Targeting the Hubert and Magellan Prospects in PL 917 Have Been Concluded Vår Energi ASA confirmed drilling operations on the exploration wells targeting the Hubert and Magellan prospects in PL 917 have been concluded. The objective of the wells was to prove petroleum in the Hubert prospect in the Paleocene Hermod Formation and in the Magellan Prospect in Eocene Injectites in the Balder Formation. No producible reservoir was observed, and the wells are classified as dry. The wells will be permanently plugged and abandoned. Announcement • Nov 23
Vår Energi AS, Annual General Meeting, May 07, 2024 Vår Energi AS, Annual General Meeting, May 07, 2024. Announcement • Oct 07
Petrolia NOCO AS signed an agreement to acquire a 12.2575% stake in Brage field on the Norwegian Continental Shelf from Vår Energi AS. Petrolia NOCO AS signed an agreement to acquire a 12.2575% stake in Brage field on the Norwegian Continental Shelf from Vår Energi AS on October 5, 2023. The transaction is part of Vår Energi’s ongoing portfolio optimisation process, in line with stated long term strategic drivers and performance metrics to reduce cost and enhance value creation. The transaction is subject to normal regulatory approval and is expected to be completed in close by year end Q4 2023. The deal does not impact the Company’s previously announced production guidance. Announcement • Sep 24
An unknown buyer acquired a 6.3% stake in Vår Energi AS (OB:VAR) from Point Resources Holding AS for NOK 4.6 billion. An unknown buyer acquired a 6.3% stake in Vår Energi AS (OB:VAR) from Point Resources Holding AS for NOK 4.6 billion on September 22, 2023. An unknown buyer completed the acquisition of a 6.3% stake in Vår Energi AS (OB:VAR) from Point Resources Holding AS on September 22, 2023. Announcement • Sep 19
Vår Energi AS Narrows Oil and Gas Production Guidance for the Full Year 2023 Vår Energi AS narrowed oil and gas production guidance for the full year 2023. For the period, the company expects production to be in the range of 210 kboepd -220 kboepd compared to the previous range of 210 kboepd -230 kboepd, while maintaining the end-2025 production target of above 350 kboepd. Announcement • Jul 26
Vår Energi AS Provides Production Guidance for Full Year 2023 Vår Energi AS provided production guidance for full year 2023. For the year company maintains production guidance in the range of 210,000 to 230,000 barrels per day. Announcement • Jul 25
Vår Energi as Announces Dividend, Payable on August 14, 2023 Vår Energi AS has resolved to pay a dividend payment of NOK 1.091 per share, NOK 2 723 579 214 in total, equal to USD 270 million relating to Second Quarter 2023. Ex-date is August 4, 2023. Record date is August 7, 2023. Payment date is August 14, 2023. Date of approval is July 24, 2023. Announcement • Jun 24
Vår Energi AS (OB:VAR) entered into an agreement to acquire Neptune Energy Norge AS from Neptune Energy Group Holdings Limited for an enterprise value of $2.3 billion. Vår Energi AS (OB:VAR) entered into an agreement to acquire Neptune Energy Norge AS from Neptune Energy Group Holdings Limited for an enterprise value of $2.3 billion on June 23, 2023. The consideration will be paid in cash and total consideration will include customary adjustments for cash, debt and working capital as at December 31 2022. Consideration will be financed through available liquidity and credit facilities. In a related transaction, Eni S.p.A has agreed to acquire the remaining assets of Neptune group outside of Norway and Germany in a separate transaction. Completion of both transactions is inter-conditional. Following completion, Neptune Norway will be merged into Vår Energi. All Neptune Norway employees will become employees of Vår Energi upon the consolidation of the two companies. The transaction is subject to certain customary closing conditions, including regulatory approvals from competition authorities and the Norwegian Ministry of Petroleum and Energy and the Ministry of Finance. The effective date of the Transaction will be January 1, 2023, with expected completion in the first quarter of 2024.
J.P. Morgan and SpareBank 1 Markets AS acted as financial advisors, Advokatfirmaet Schjødt As acted as legal advisor, Deloitte acted as financial and tax advisor to Vår Energi. Goldman Sachs International and N M Rothschild & Sons Limited acted as financial advisors, Advokatfirmaet BAHR AS and Freshfields Bruckhaus Deringer LLP acted as legal advisor to Neptune Energy. 
