Vår Energi ASA high-grades the portfolio to strengthen long-term value creation
2026-06-18 08:00:05
Sandnes, Norway, 18 June 2026: Vår Energi ASA (OSE: VAR, "Vår Energi") has entered into a series of value accretive transactions on the Norwegian Continental Shelf (NCS) to further optimise its asset portfolio, including the acquisition of Pandion Energy AS' portfolio, a swap agreement with DNO Norge AS, and divestments in the Goliat and Fenja fields. The transactions support Vår Energi's strategy of actively high-grading its portfolio by increasing exposure to core areas and targeting high-value opportunities. Overview: · Acquisition of Pandion's assets to secure long-term production growth in the Gjøa and Åsgard areas · Swap agreement with DNO to align interests in the Ringhorne North development and consolidate position in the Gjøa area · Divestments of equity interests in Goliat and Fenja fields to accelerate value creation from recent exploration success and reduce capital commitments without meaningful production impact Nick Walker, CEO of Vår Energi, comments: "We continue to actively high-grade our portfolio in line with our strategy, strengthening our position in core areas and focusing capital on high-value opportunities. Through these transactions, we increase ownership in key development projects and producing assets, strengthen our position around key hubs and accelerate value generation from recent exploration success. This enhances flexibility in capital allocation and supports resilient, long-term value creation for our shareholders." Through the acquisition of Pandion's portfolio, Vår Energi adds a 10% interest in the Nova field (PL418), a 20% interest in the Ofelia development (PL929), a 49% interest in the Sierra Solberg discovery (PL263), and a portfolio of exploration licences in the Gjøa area, including Annabelle (PL929), which is planned to be drilled later this year. The transaction, with a cash consideration of USD 110 million, strengthens Vår Energi's position around the Gjøa infrastructure, increasing ownership across producing assets and key development projects, including Nova, which is currently the only producing asset tied to the infrastructure where the Company does not currently hold an ownership interest. This adds near-term production while reinforcing the Company's strategy of optimising ownership around existing hubs. Vår Energi has further agreed to acquire a 15% interest in Ringhorne North (PL956) and a 5% interest in the Nova field (PL418) from DNO Norge AS, in exchange for a 5% interest in Gjøa (PL153) and a small balancing payment. The transaction strengthens the Company's position in the strategically important Balder area, aligning ownership interests and adding exposure to both near-term developments and producing assets. Vår Energi has also agreed to divest a 20% interest in the Goliat field to Orlen Upstream Norway AS and a 25% interest in the Fenja field to Concedo AS for a total consideration of up to USD 350 million. Following completion, the Company will retain a 45% interest in Goliat and 50% in Fenja and remain operator of both fields. The Goliat field in the Barents Sea remains a key hub and of strategic importance to Vår Energi. The divestments allow the Company to accelerate value creation from recent exploration success while maintaining operatorship and exposure to future value creation. Jefferies acted as financial advisor to Vår Energi in connection with the divestments of the Goliat and Fenja fields. The combined transactions strengthen the portfolio through strengthening positions in core hubs, increasing ownership in key development projects and producing assets, and improving capital allocation flexibility across the business. The transactions have minimal impact on 2026 production. The Company's target of producing above 400 thousand barrels of oil equivalent per day longer term remains firm. All transactions are expected to close in the second half this year. Completion of the transactions are subject to customary authority approvals. Contact Investor relations Ida Marie Fjellheim, VP Investor Relations +47 905 09 291 ida.fjellheim@varenergi.no (ida.fjellheim@%C2%ADvarenergi.no) About Vår Energi Vår Energi is a leading independent upstream oil and gas company on the Norwegian Continental Shelf (NCS). To learn more, please visit varenergi.no.