Vår Energi to List on Oslo Børs

Monday, January 24, 2022

Eni and HitecVision-backed Point Resources Holding, owning respectively of 69.85% and 30.15% of the Norwegian oil and gas company Vår Energi AS, said Monday they planned to launch an initial public offering for Vår Energi and for the company to apply for a listing on Oslo Børs (the “IPO”). 

The IPO will provide access to the Norwegian and international capital markets, allow the company to diversify its ownership structure and create a strong long-term shareholder base, Eni said.

"The operation is part of Eni's strategy of enhancing its assets in order to free up new resources to be allocated to accelerate the energy transition strategy. Eni will continue to retain a majority stake in the Company while preserving equity accounting. Eni and HitecVision are committed to strengthening Vår Energi's position as a leading player on the NCS. The IPO is expected to consist of a public offering in Norway, Sweden, Finland and Denmark, and a private placement to certain institutional investors internationally," Eni added.

Vår Energi is an offshore oil and gas exploration and production company, formed in 2018 through the merger of Eni Norge and Point Resources, and is the largest pure-play Norwegian Continental Shelf independent, with average net production for the three months ended September 30 2021 of 247,000 boepd and Net 2P reserves as of September 30, 2021 estimated at 1,144 MMboe.

The company is targeting net production of 350,000 boepd by the end of 2025.  

Torger Rød, the CEO of Vår Energi, commented: "Our leading NCS position is founded on a unique track record, scale, operational excellence and strong partnerships. We believe oil and gas will continue to be part of the energy mix for decades to come, and the current gas market developments in Europe confirm our view that a reliable and safe supply of natural gas from Norway to Europe will be crucial. 

"The NCS will remain one of the most attractive regions for exploration and production globally due to cost competitiveness, a stable regulatory environment and low emissions. This is reflected in our target of becoming a net zero producer by 2030 (scope 1 and scope 2). With a robust and diversified portfolio of operations and assets across all parts of the NCS we have set ambitious growth targets. An initial public offering and listing is a natural next step for Vår Energi in realizing our full potential and delivering long-term value creation to a wider group of stakeholders."

The IPO is expected to consist of a private placement and public offering to investors in Norway, Sweden, Finland and Denmark and a private placement to institutional investors outside Norway and the USA. The IPO is expected to consist of a sale of existing shares by Vår Energi's existing shareholders, Eni and HitecVision, who currently own 69.85% and 30.15%, respectively, of Vår Energi's outstanding shares.

The IPO is subject to receipt of the relevant approvals from Oslo Børs and the Norwegian Financial Supervisory Authority, as well as prevailing equity capital market conditions, Vår Energi said.

 

Categories: Energy Industry News Activity Europe People & Companies

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