Petrolia NOCO AS signed an agreement to acquire a 12.2575% stake in Brage field on the Norwegian Continental Shelf from Vår Energi AS on October 5, 2023. The transaction is part of Vår Energi?s ongoing portfolio optimisation process, in line with stated long term strategic drivers and performance metrics to reduce cost and enhance value creation. The transaction is subject to normal regulatory approval and is expected to be completed in close by year end Q4 2023. The deal does not impact the Company?s previously announced production guidance.

Petrolia NOCO AS completed the acquisition of 12.2575% stake in Brage field on the Norwegian Continental Shelf from Vår Energi AS on December 29, 2023.