Concedo aquires 20% of the Bøyla production asset from Vår Energi

Published 24/05/2024

Vår Energi’s stock exchange anouncement:

24.05.2024 14:47:41

Vår Energi sells Bøyla asset as part of portfolio optimisation

Vår Energi ASA Sandnes, Norway 24 May 2024: Vår Energi ASA (OSE: VAR) has signed an agreement with Concedo AS for the disposal of a 20% interest in the Bøyla field for a consideration of USD 24 million.

“The transaction is aligned with our stated ambition to dispose of non-strategic assets to optimise our portfolio of assets; reducing our operating costs and emission outlook and enhance future value creation” says Stefano Pujatti, CFO of Vår Energi.

The transaction is subject to customary regulatory approvals and is expected to close in the fourth quarter 2024, with effective date 1 January 2024. Concedo will assume full decommissioning liabilities for the acquired field. The transaction does not impact Vår Energi’s previously announced production guidance for 2024, year-end 2025 and beyond.

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 1.4 kboepd in first quarter 2024.

Houlihan Lokey acted as exclusive financial advisor to Vår Energi on the transaction and Advokatfirmaet Schjødt as legal advisor.