Eni - Shareholders of Var Energi initiate strategic review process

San Donato Milanese - Eni and Point Resources, a HitecVision portfolio company, owning respectively of 69.85% and 30.15% of Var Energi AS ('Var Energi' or the 'Company'), announce today their intention to initiate a strategic review regarding the future ownership structure of Var Energi, in order to better pursue future growth and maximize value creation.

The review will consider various alternatives, including a possible Initial Public Offering ('IPO'). Eni will continue to retain a majority stake in the Company, while preserving equity accounting.

Var 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 a production of 239,000 boepd in H1 2021 and a 2P reserves base of 1,147 mmboe (SEC) as of year-end 2020.

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