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It was Wednesday that the oil company Vår Energi was listed on the stock exchange, the largest listing of an oil and gas company on the Oslo Stock Exchange since Equinor, then Statoil, was listed in 2001. But in the last three days, more than NOK 5 billion has been peeled away from the value set. when the two owners, the Italian energy company Eni and the acquisition fund Hitecvision, sold shares prior to the listing. But CEO Torger Rød in Vår Energi still calls the listing a success.
– Successful
– We have had a successful IPO that was oversubscribed several times. It was a great and good response. We are proud of that, says Torger Rød to DN, who is pleased that there are as many as 19,000 shareholders in the company. The stock market crash has occurred despite the fact that the facilitators of the company have bought support for the share.
– You say successful listing, great good response. But the price has dropped?
– I do not have as many comments on the mechanisms at such an early stage as we are in now. But I would definitely say it is successful when you look at the response. One has to put it in a slightly larger perspective. There are not many large IPOs in the oil and gas sector. It’s a big IPO. We are probably the fifth largest ever on the Norwegian stock exchange, says Rød.
– But when the price falls, isn’t that nice?
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– It is clear that we would very much like the price to go up. We have a long-term perspective on our business, and everyone who follows the stock market knows that the price is going up and down. I see great potential in Vår, and that is why many have invested in the company. We get to deliver good results and we will get a response in the market, says Rød.
Promises growth
Rød is optimistic about the prospects ahead and points out, among other things, that the company expects great organic growth. Last year, the company produced 247,000 barrels of oil per day, a production that is expected to increase to 350,000 barrels by the end of 2025. Around 37 percent of the production is gas where the price is currently sky high. In addition, Rød highlights major dividends in the time ahead.
– In the first quarter, we promised a dividend of 225 million dollars, says Rød.
– How long do you think the high gas prices will last?
– We believe in high gas prices in both 2022 and 2023. This is due to four factors, low inventories in Europe, high demand for lng in Asia, uncertainty related to Russia and the EU’s green policy, says Rød.
On the Norwegian shelf, there are four areas in particular that the company concentrates on, the Barents Sea with the fields Johan Castberg and Goliat, Tampen, Åsgard and the Balder / Grane area. On the exploration side, the company is planning this year between 8–12 exploration wells around existing infrastructure and one to two wells outside such infrastructure.(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases using a link, which leads directly to our pages. Copying or other use of all or part of the content may only take place with written permission or as permitted by law. For additional terms look here.
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