Var Energi Asa · OSL:VAR
Var Energi Asa — Merger or Acquisition (July 2026)
17 slides from Var Energi Asa's merger presentation, Jul 21, 2026
Slide 1: Building the largest independent producer of oil and gas in Europe
Building the largest independent producer of oil and gas in Europe Vår Energi to combine with BlueNord, increasing production, cash generation and dividend capacity 21 July 2026
Slide 2: Vår Energi to combine with BlueNord
Vår Energi to combine with BlueNord Growth Value Returns Adding strategic Raised long-term target to Increased resilience, cash assets on the highly generation and long-term compatible DCS1 ~450 kboepd dividend capacity Strengthened position as a reliable and secure energy supplier to Europe 1. Dani
Slide 3: Largest independent oil and gas producer in Europe
Largest independent oil Barents Sea and gas producer in Europe Vår Energi licences Hammerfest BlueNord licences Office locations Production in Europe 2026E1 kboepd BlueNord 390-410 Norwegian Sea ~200 licences ~1/3rd operated 57 fields North Sea Florø 6 operated Oslo Balder Area Stavanger 5 hub areas
Slide 4: Transaction details
Transaction details Post transaction ownership structure BlueNord shareholders • Vår Energi to combine with BlueNord in a cash and shares transaction 9.05% • Consideration of 248.4 million new shares1 in Vår Energi (representing a share issue of 9.95%) and USD 204 million in cash Other 33.62% ~43% 5
Slide 5: A successful growth journey continues
A successful growth journey continues BlueNord ~450 Pandion combination kboepd acquisition Q3 20261 Long-term target Q2 20261 Neptune Energy Norway acquisition IPO-OSE 2024 listing 2022 ~190% 169 ExxonMobil Norway acquisition Total shareholder kboepd return since 2019 IPO2 Eni Norway and Point Resou
Slide 6: Increasing value creation
Increasing value creation Proforma key figures of the combined company Increased scale Growing resources Longevity Low unit opex Low emissions ~450 kboepd 2.4 billion boe ~15 years 10-11 USD/boe ~10 kg CO /boe 2 +10% +9% Long life Maintained Top 15% long-term production target 2P reserves + 2C resou
Slide 7: DUC: high-quality, long-life assets
DUC: high-quality, long-life assets Ekofisk 14 producing fields ~45 kboepd Stable, low decline assets Net production, 2026 guidance ~50% oil/gas 195 mmboe Balanced commodity mix 2P + 2C resources1, extending Norway production beyond 2040 Denmark Tyra Similar geology and close proximity to existing a
Slide 8: Developing a material resource base
Developing a material resource base Proforma for the combined company 0.7 >3 >50% 10-15 billion boe1 resource base 0.9 exploration wells per year ~30 yet to be developed early phase 1.5 projects 16 projects in execution 2P reserves2 2C resources3 Prospective resources4 1. Net 3. Year-end 2025 2C con
Slide 9: Higher production for longer
Higher production for longer Production outlook kboepd1 Exploration + Long-term target additional 2C2 450 3P reserves3 ~450 kboepd BlueNord4 Improved recovery Current Projects in execution forecast5 200 Early phase projects Exploration Accretive M&A 1. Net 2. Net risked exploration resources and net
Slide 10: Material value creation potential
Material value creation potential Financial synergies1 250-300 USD million • Lower financing cost • Reduced overheads • Strengthened gas sales portfolio Additional upside from maturation of 2C resources 10 1. Post tax, accumulated, nominal, from closing through 2032 Image: Tyra East platform
Slide 11: Higher long-term dividend capacity
Higher long-term dividend capacity Accretive on a per share1 basis to: Stronger balance sheet Production Leverage ratio maintained well below target of 1.3x2 Reserves Investment grade credit ratings maintained Cash flow from operations Free cash flow Attractive long-term dividend policy Distribution
Slide 12: Strengthening our investment proposition
Strengthening our investment proposition Increased Higher High value Business Increased Higher reserves and production short cycle resilience dividend free float resources for longer investments maintained capacity 2.4 ~450 ~2.5 ~40 25-30% ~43% billion boe1 kboepd USD billion USD/boe CFFO after tax
Slide 13: Appendix
4 var energi F Appendix ba
Slide 14: High quality asset portfolio on the Danish Continental Shelf
High quality asset portfolio on the Danish Continental Shelf Asset Fields Working Operator 2P+2C reserves and Production interest resources mmboe kboepd end-20251 YTD 20262 Tyra hub Tyra3, Roar, 36.8% TotalEnergies 123.5 21.1 Valdemar, Harald, Lulita Gorm hub Gorm, Rolf, 36.8% TotalEnergies 9.9 3.7
Slide 15: Stable and predictable fiscal framework with a 64% tax rate
Stable and predictable fiscal framework with a 64% tax rate • Comprise a 25%. CT tax and a 39% HCT tax (52% x 75%) resulting in 64% combined. Both taxes are Tax calculation calculated on the same ring-fenced income base. • Applies to all income from hydrocarbon activities, including hedging 25% corp
Slide 16: BlueNord Net Interest-Bearing Debt
BlueNord Net Interest-Bearing Debt USD million Net interest-bearing debt1 - reported per 2Q 2026 915 Adjusted for hybrid bond 300 Adjusted for 2Q 2026 dividend distribution 174 Adjusted net-interest bearing debt 1 389 1. The Reserves Based Lending (RBL) facility and bond debt are shown at nominal ou
Slide 17: #4 Var energi
#4 Var energi