“We are pleased with having Mime Petroleum as a new partner; investing in our ambitious joint plans to continue the economic development of the fields, and we look forward to progressing the revitalization of the Balder and Ringhorne area together”, says Kristin F. Kragseth, CEO in Vår Energi.
The agreement provides Mime Petroleum with 10 percent ownership interests in the Balder and Ringhorne fields, and 7.4 percent ownership interests in the Ringhorne East field.
About the Balder and Ringhorne fields
Vår Energi AS has reserves and resources of more than 1,250 million barrels of oil equivalent (Mboe), targeting development of about 500 Mboe during the next five year period. Continued development of proven and additional mapped resources in the Balder and Ringhorne fields are key components of this growth plan. In addition, there is potential to further increase the reserves in the area through an exploration program that is planned to start in 2020.