Bergen, December 29th 2023 

Petrolia Noco AS is pleased to announce that the acquisition of 12.2575 percent interest in the Brage Field from Vår Energi ASA (OSE: VAR) that was announced on October 6th 2023, has been approved by the authorities with an effective date of January 1st 2023 and was completed today. 

 “We are pleased with the transaction and the new potential in the Brage Field and look forward to working with the license partners to uncover further value in the asset. This acquisition marks an important step for Petrolia Noco, adding significant production to our portfolio, allowing for growth and value creation through further exploration, field development and production deals”, said Morten Stenhaug, CEO of Petrolia Noco.
 
Net average production (12.2575% WI) from the Brage field in Q3 2023 was 2.0 kboed. The remaining net reserves at year-end 2022 were 1.9 mmboe.

For further information, please contact:

Morten Stenhaug, CEO
+47 911 92 908

or

Erik von Krogh, CFO
+47 930 38 075