Vår Energi completes sale of Bøyla asset as part of portfolio optimisation

Vår Energi completes sale of Bøyla asset as part of portfolio optimisation

Sandnes, Norway 1 November 2024: Vår Energi ASA (OSE: VAR) completes the sale of its 20% interest in the Bøyla field to Concedo AS for an after-tax consideration of USD 24 million.

The transaction with Concedo AS 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 the Company’s core hub areas. Concedo AS will assume full decommissioning liabilities for the Bøyla field interests.

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 1300 barrels of oil equivalent per day in the first nine months of 2024. Net remaining proved plus probable (2P) reserves for the fields is 1.6 million barrels of oil equivalent at year end 2023.

Ref.: https://varenergi.no/en/news-media/stock-exchange-announcements/?release=265192FEEFCC8FA7