Sval Energi is pleased to announce that the company has signed an agreement with Suncor Energy to acquire Suncor Energy Norge AS.

The corporate transaction includes the following assets on the Norwegian Continental Shelf:

   - 17.5% ownership in the Fenja field (PL 586)
   - 30% ownership in the Oda field (PL 405)
   - 8 additional licenses

The transaction will add a daily production of approximately 4000 barrels of oil equivalent and 19 million barrels of oil equivalent in reserves to the Sval Energi portfolio.

CEO Nikolai Lyngø of Sval Energi said: “This transaction represents another step on our growth journey. We already have a capable team in place and look forward to welcoming new colleagues from Suncor’s Norway team – they will strengthen us even further.

“The Norwegian Continental Shelf is still attractive, and we are building a strong cash-generating business in Norway with producing assets, future developments, and exciting exploration opportunities. We are executing our strategy and transforming into a significant player on the Norwegian Shelf.”

The acquisition of Suncor Energy Norge AS constitutes a transfer of undertaking according to the Norwegian Working Environment Act, which means that the employees of Suncor Energy Norge AS will be transferred to Sval.

The commercial effective date is 1 March 2022, and the deal is expected to be closed before the end of the year. The transaction is subject to approval from the relevant Norwegian authorities.

Quick facts about Sval Energi (excluding Suncor Energy Norway AS):

   - 155 employees, main office in Stavanger, branch office in Oslo
   - Operator for two producing fields: Oda and Vale
   - Partner in eight producing fields and five developments
   - On course to reach 100,000 barrels of oil equivalent per day in 2023
   - 67 licenses on the NCS (9 operated)

About Sval Energi

Sval Energi is a privately owned Norwegian energy company. Backed by the leading energy investor HitecVision, Sval Energi is building a strong portfolio combining oil and gas resources with decarbonisation value chains. Recent transactions include acquiring Spirit Energy Norway and ownership in the Martin Linge and Ekofisk fields (the last two being subject to required approvals).

About Suncor Energy

Suncor Energy (TSX: SU) (NYSE: SU) is Canada’s leading integrated energy company, with a global team of over 30,000 people. Suncor’s operations include oil sands development, production and upgrading, offshore oil and gas, petroleum refining in Canada and the US, and our national Petro‑Canada retail distribution network (now including our Electric Highway network of fast-charging EV stations). A member of Dow Jones Sustainability indexes, FTSE4Good and CDP, Suncor is responsibly developing petroleum resources, while profitably growing a renewable energy portfolio and advancing the transition to a low-emissions future. Suncor is listed on the UN Global Compact 100 stock index. Suncor’s common shares (symbol: SU) are listed on the Toronto and New York stock exchanges.