Magnora ASA

Regulatory Filings • Nov 17, 2023

Magnora ASA - Redeployment of the Western Isles FPSO to the Greater Buchan Area confirmed

Magnora ASA - Redeployment of the Western Isles FPSO to the Greater Buchan Area confirmed

17.11.2023 08:45:01 CET | Magnora ASA | Additional regulated information

required to be disclosed under the laws of a member state

Magnora ASA ("Magnora") has reached an agreement with NEO Energy and Dana

Petroleum for redeployment of the Western Isles FPSO to the Greater Buchan Area

("GBA") where start-up is expected in 2026.

On 16 November, Magnora entered into an agreement with NEO Energy and Dana

Petroleum under which, ultimately, the current license agreement with the

Western Isles Owners (the "License Agreement") will be transferred to the

Greater Buchan Owners (NEO Energy (ZEX) Limited, as GBA Operator and GBA Owner

(50%) and Jersey Petroleum, as GBA Owner (50%)).

Dana Petroleum and NEO Energy have agreed to end production from the Western

Isles Fields which produce through the FPSO on or around 31 March 2024. Subject

to regulatory and other approvals, the FPSO will then be acquired by NEO Energy

for redeployment to the Greater Buchan Area. First Oil from the Greater Buchan

Area is currently expected during 2026.

This agreement will permit the redeployment of the FPSO to the Greater Buchan

Area and the transfer of the License Agreement on substantially the same terms

for Magnora as for the Western Isles field.

Additional Information

About Greater Buchan Area

The Greater Buchan Area interests are held under P2498 (Blocks 20/5a, 20/5e and

21/1a) and P2170 (Blocks 20/5b and 21/1d) licenses located in the UK Central

North Sea. License P2498 contains the Buchan oil field and J2 oil discovery and

License P2170 contains the Verbier oil discovery and other exploration

prospects.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

CONTACTS

* Erik Sneve, CEO, email: es at magnoraasa.com

* Torstein Sanness, Executive chairman, email: sanness at sf-nett.no

ABOUT MAGNORA ASA

Magnora ASA (OSE: MGN) invests in renewable energy development projects and

companies. Magnora's portfolio of renewable companies consists of Helios Nordic

Energy AB, Kustvind AB, Magnora Offshore Wind AS, Magnora Solar PV UK, Hafslund

Magnora Sol AS, Magnora South Africa, and AGV. In addition, Magnora has legacy

revenues from its previous design business and potential milestone payments from

the sale of Evolar AB (sold to First Solar Inc). The company is listed on the

main list on Oslo Stock Exchange under the ticker MGN.

ATTACHMENTS

Download announcement as PDF.pdf -

https://kommunikasjon.ntb.no/ir-files/17847805/2757/3855/Download%20announcement

%20as%20PDF.pdf