Secondary Placement of Existing Shares in Vår Energi Asa Successfully Completed

Reference is made to the stock exchange notice published on 21 September 2023 regarding a potential secondary placement of existing ordinary shares (the “Shares”) in Vår Energi ASA (“Vår Energi” or the “Company”) by Point Resources Holding AS (the “Seller”). The Seller is the investment holding company consolidating the interests of various funds and co-investment vehicles managed by or advised by  HitecVision.

The Seller has successfully sold 157,273,594 Shares in the Company (the “Sale Shares”), representing approximately 6.3% of the Shares outstanding in the Company, at NOK 29 per share (the “Offering”).

The Offering attracted strong interest and was multiple times oversubscribed. On this basis, the Offering was upsized from approx. 142.3 million Shares to 157,273,594 Shares.

Following completion of the Offering, the Seller holds 359,459,678 Shares in the Company, representing approximately 14.4% of the outstanding Shares and votes. As a result of the Offering, the free float in the Company will increase from approximately 16.3% to approximately 22.6%. The Offering is unconditional as of the time of allocation, and the Sale Shares will be tradeable upon allocation as from 22 September 2023. Settlement will take place on a delivery versus payment basis on 26 September 2023.

In connection with the Offering, the Seller has entered into a customary 90-day lock-up commitment with the Joint Global Coordinators for the remaining shares in Vår Energi the Seller holds, subject to certain carve-outs, including the sale or transfer of shares by the Seller to one or more of its affiliates, shareholders or direct or indirect equity investors, provided that such purchasers or transferees enter into lock-up agreements on substantially equivalent terms to Seller’s lock-up.

Advokatfirmaet Schjødt AS acted as Norwegian legal counsel to the Seller and Latham & Watkins (London) LLP acted as international legal counsel to the Seller. Advokatfirmaet BAHR AS acted as Norwegian legal counsel to the Managers, and Linklaters LLP acted as international legal counsel to the Managers.

The Offering has not been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) and will be made pursuant to applicable exemptions from the obligation to publish a prospectus in Norway as well as exemptions from the U.S. Securities Act and the securities laws of other applicable jurisdictions.