Vår Energi agrees to combine with BlueNord in share-and-cash deal worth NOK 1.96 billion

• Vår Energi agreed to combine with BlueNord, adding Danish Continental Shelf assets and creating Europe’s largest independent oil and gas producer.
• BlueNord holders to receive 248,400,000 new Vår Energi shares, NOK 1.96 billion cash, equal to 9.72 shares and NOK 76.83 per BlueNord share.
• Post-close ownership seen at 90.95% for existing Vår Energi shareholders, 9.05% for BlueNord holders; Eni stake expected at 57.33%.
• Combined output targeted at about 450,000 boepd, with about 2.4 billion boe reserves and resources, about 15-year life, 65% oil and 35% gas.
• Vår Energi targets $250 million-$300 million post-tax synergies for 2027-2032; closing expected near end-2026.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Var Energi AS published the original content used to generate this news brief via Cision (Ref. ID: 20260721:BIT:0517:0) on July 21, 2026, and is solely responsible for the information contained therein.