San Donato Milanese (Milan) / Stavanger, 24 January 2022 – Eni and Point Resources Holding, a HitecVision portfolio company, owning respectively of 69.85% and 30.15% of Vår Energi AS, announce today the intention 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.
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.
Vår Energi is a full-cycle E&P company, established in 2018 through the merger of Eni Norge and Point Resources, and today is the largest pure-play Norwegian Continental Shelf independent, with an average net production for the three months ended 30 September 2021 of 247,000 boepd and Net 2P reserves as of 30 September 2021 estimated at 1,144 MMboe.