Ho ho ho you beautiful Christmas time...

...here again the monthly look in the rear-view mirror🔎

The first thing that surprises me is the fact that the Getquin Rewind is more positive than my monthly benchmark at the end of the month 🤔

According to Rewind, I ended the month with + 1.07%...

...whereas my benchmark closed the month at -0.46% as at 30.11.2025 🤷🏻‍♂️

I can't quite put this together yet, but I assume that the cut-off date for the calculation was different from 30.11. or that gross dividends are also used in some cases 🤷🏻‍♂️

Be that as it may, for me the benchmark is the measure of all things in this context and the month ended with -0.46% 📉

A year-end rally also looks different to me, but all in all I'm quite satisfied with the annual results so far and am close to the lower range of my targets, which have been raised twice so far...

...over the year as a whole, I'm also quite satisfied so far and am on a par with or a nose ahead of the Nasdaq, although my portfolio is anything but tech/growth-heavy 😅

If things continue like this, I see myself well on the way to the first 100k 💪🏻

And if things go really well, this goal could even be reached during the term of office of the Orang(e)-Uta 🍊.

But as we all know, things often turn out differently than you think, so keep spitting in your hands and looking ahead...

In terms of dividends, the month also looked a little better again:

》Gross: € 217.01

》Net: € 176.09

》Yield (TTM): 6.033%

》YOC (TTM): 6.928%

These two values would actually be a little higher, but with every further purchase without a dividend received, they naturally fall again slightly 😉

》Total net dividend: € 1479.94

》CAGR: 495.30%

All in all, after 2 1/2 years, I think it's still easy to bear and should continue to rise steadily in the future, or rather, "the squirrel feeds on hard work" 🙂

》My top 3 this month:

🟢 $BATS (+1.01%) +14,16% (+100,07%)

🟢 $DTE (+0.86%) +1,35% (-1,57%)

🟢 $WINC (-0.04%) +1,30% (+5,31%)

》My flop 3 this month:

🔴 $3750 (+0.95%) -16,35% (+47,92%)

🔴 $YYYY (+0.33%) -7,34% (+3,70%)

🔴 $VAR (-1.7%) -5,49% (+1,01%)

》Disposals:

none

》Additions:

none

》Increased:

$DTE (+0.86%)

$VAR (-1.7%)

$1211 (+0.21%)

Apart from that, there wasn't really much else new, except that my CT scan in November turned out well and my next check-up is due in a week's time.

With this in mind, I wish us all a wonderful pre-Christmas period and a good end to the year...stay tuned 📈👋🏻

I know I still owe the second part and am already working on the third part.... and ask for your indulgence. The more queries I get, the more information I collect and the more I want to share. As a placeholder $HAUTO (+1.62%) , $VAR (-1.7%) , $EQNR (-0.26%) .....

Since the topic of advance exemption from Norwegian withholding tax has come up again and again recently in order to avoid the - in the eyes of some - laborious process of applying for it in Norway and at the German tax office, I have taken a closer look at DKB, which was mentioned by @SAUgut777 DKB, which was mentioned in this context.

The upstream AI is really stubborn, resistant to questions and in the end just as unfriendly as my questions 😂😂👍, but at least I was then allowed to send the conversation to DKB in a contact form filled out by the AI that contained all the relevant points 👌👌. And from then on, I had to deal with real people who were very friendly and cooperative. At this point, a big compliment to DKB's customer service and the quick reactions, I was more than positively surprised!!!

The end result is that DKB is the only bank so far to offer this service for my inquiries, but the core sentence :

"Dear Mr. Wxxxxx,

an advance waiver is not offered. This is an advance reduction. In accordance with the DTA between Norway and Germany, the Norwegian withholding tax rate is reduced from 25% to 15%.

I wish you a pleasant day."

For DKB account holders, this means that they will get back the 10% that the Norwegian tax authorities refund for you in the way I have described. According to DKB's fee overview, there is a fee of € 30 for this. The remaining 15% must therefore still be claimed via the KAP annex.

Now everyone can decide for themselves whether they want to invest the fee or make the effort themselves. It won't be quicker via DKB either, the Norwegian tax authorities are quite overloaded with applications. I received a short message that it can take up to 15 months at the moment....

So be aware, despite the sometimes very attractive dividends in Norway, that you will first have less than 50% net in your account and then have to do some work to get at least half of the withholdings back.

With this in mind, I will soon publish a shortened second part and follow up with a third part that takes into account the tax aspects and broker-specific features.

The Norwegian oil and gas company Vår Energi $VAR (-1.7%) has confirmed the discovery of an oil deposit in the Barents Sea, which was made with a semi-submersible platform from the COSL fleet.

According to the Norwegian Offshore Directory (NOD), Vår Energi's appraisal well 7122/8-4 S confirmed the oil discovery 7122/8-3 S (Zagato), which was proved in February.

This is the 13th well drilled under production license 229, which was awarded in 1997. Vår Energi is the operator with a 65% stake, Equinor holds the remaining 35%.

The licensees are examining whether the reservoir developed with the COSL Prospector drilling rig can be connected to the existing infrastructure of the Goliat field. The reservoir is estimated to contain 2.8 to 10.1 million standard cubic meters of recoverable oil equivalent, or 18 to 64 million barrels.

According to NOD, the 7122/8-4 S well encountered an 11 meter thick oil column in the Tubåen formation of the Realgrunnen subgroup. The total thickness of the reservoir rocks is 8.5 meters and is of good reservoir quality. The oil-water contact was reached at a depth of 1523 meters below sea level.

The Norwegian Offshore Directorate (NOD) has granted Vår Energi $VAR (-1.7%) a drilling permit for an exploration well in the North Sea field.

The permit applies to well 25/8-C-23 D in production license 027.

Vår Energi is the operator of the license with a 90% stake, while its partner Kistos Energy (Norway) holds the remaining 10%.

The wells will be drilled via the Ringhorne platform, a combined accommodation, drilling and wellhead facility linked to the Balder FPSO for processing, crude oil storage and gas export.

The Ringhorne prospect, located nine kilometers north of the Balder FPSO, is part of the Balder field complex.

Vår Energi ASA$VAR (-1.7%) reports strong results for the third quarter and with transformative growth achieved ahead of schedule, a pipeline of new projects being driven forward to create long-term value.

■ Production milestones achieved ahead of schedule ■

》Average fourth quarter production expected to be ~430 kboepd

》Jotun FPSO reached peak production in September

》Additional ~180 kboepd in peak production from new projects in 2025, 7 of 9 projects in operation

》Low-risk outlook due to implementation of important projects

■ Solid financial performance ■

》Significant cash flow from operating activities of USD 1.2 billion

》Reduced net debt and available liquidity of USD 3.6 billion

》Production costs per unit expected to be around USD 10 per boe in the fourth quarter of 2025

》18% of third quarter gas volumes sold at USD 90 per boe

Development of long-term value creation

》Ten further projects to be approved in 2025

》Increase in participation in the "Ekofisk Previously Produced Fields" project for additional high-quality barrels

■ Predictable and attractive dividends ■

》Dividend for the third quarter of USD 300 million (NOK 1.211 per share) will be paid on November 25¹

》 Dividend forecast for 2025 and 2026 of USD 1.2 billion

"We are pleased with the strong results for the quarter. Seven of the nine growth projects planned to start in 2025 are already in operation, including Johan Castberg and the Jotun FPSO in the Balder field, both of which have reached full production capacity. Our company is risk-minimized and is in an unprecedentedly strong position to continue delivering high value and attractive shareholder returns.

With the strong ramp-up of our new projects, we expect fourth quarter production to average approximately 430,000 barrels of oil per day (kboepd) and are on track to achieve the midpoint of our full year guidance of 330 to 360 kboepd.

We are on track to maintain production at 350 to 400 kboepd until 2030 and beyond. This will be achieved through our portfolio of around 30 early-stage projects supported by already discovered resources, the development of which is progressing rapidly. We expect to sanction ten projects in 2025, four of which are already being advanced, with an average breakeven point below USD 35/boe. In addition, the recent acquisition of TotalEnergies' shares in the "Ekofisk Previously Produced Fields" project adds high-quality barrels at an attractive price to our portfolio.

The company is extremely resilient thanks to solid financial results, reduced net debt and efficient operating costs of USD 10.6/boe in the quarter.

Based on this strong performance, Vår Energi continues to offer attractive dividends to its shareholders. We confirm a dividend of USD 300 million for the third quarter and maintain our guidance for the total dividend payout of USD 1.2 billion for the full year 2025 and 2026," says Nick Walker, CEO of Vår Energi.

Vår Energi ASA$VAR (-1.7%) will publish its financial report for the third quarter of 2025 on Tuesday, October 21. Today, the company is providing updates on production, sales volumes and other relevant items.

Vår Energi's net production of oil, liquids and natural gas averaged 370 kboepd in the third quarter of 2025, an increase of 29% compared to the second quarter and an increase of 44% compared to the third quarter of 2024.

Vår Energi expects to reach around the middle of the production forecast of 330-360 kboepd for the full year 2025.

Production of around 430 kboepd is expected for the fourth quarter of 2025.

The production split in the third quarter was 74% oil and NGLs (liquids) and 26% gas.

The total production volume amounted to 34.1 million boe, while the sales volume in the quarter reached 30.5 million boe. The shortfall is mainly due to the timing of crude oil production in the quarter.

Vår Energi achieved a strong average realized price (volume weighted) of USD 68 per boe in the quarter.

The realized crude oil price was USD 69 per barrel.

The realized gas price of USD 73 per boe is the result of fixed price contracts and flexible gas sales agreements that allow for optimization of the indices.

The fixed-price contracts accounted for 18% of the gas volumes sold in the third quarter and were concluded at an average price of USD 90 per boe, which is significantly higher than the spot market reference price.

For the fourth quarter, fixed-price gas contracts accounted for 15% of volumes at a price of USD 78 per boe.

》Other items:《

Vår Energi's functional currency is NOK, while interest-bearing loans are denominated in USD and EUR.

The appreciation of the NOK in the third quarter of 2025 resulted in a net exchange rate gain of around USD 50 million.

However, the company expects higher depreciation per boe for the quarter as new fields come on stream.

》As previously announced, the following items impacted cash flow in the third quarter:《

Cash tax payments totaling around USD 530 million and a dividend payment for the second quarter of USD 300 million, which was paid in August.

The above information is based on a preliminary assessment of the Company's financial results for the third quarter of 2025 and is subject to change until the Company's final approval and publication of its financial statements.

Vår Energi ASA $VAR (-1.7%) is pleased to announce an increase in both production and recoverable volumes from the Gjøa field (PL153) following the start-up of the Gjøa low pressure project.

The project has modified the compressor systems on the Gjøa platform, allowing the wells to operate longer and at higher production rates, which has resulted in an increase in remaining recoverable volumes.

Production from the Gjøa field increased by 6 thousand barrels of oil equivalent per day (kboepd) from 35 kboepd to 41 kboepd (gross) as a result of the start-up. In addition, the remaining recoverable volumes increased by a total of 6.3 million boe, which corresponds to an increase of around 25 %. The low-pressure project extends the economic production life of Gjøa by 2 to 3 years and has a payback period of less than 6 months.

Torger Rød, COO of Vår Energi, said:

"This is a great achievement. By using standard technology, we are not only increasing production and remaining recoverable volumes from the Gjøa field, but also extending the economic life of the other production fields Duva, Vega and Nova, which are connected to the Gjøa platform. This is a win-win situation for the production fields and the development projects in the greater Gjøa area."

The platform modifications enable flexible operation and are expected to increase production from all connected production fields. The project was carried out as part of a planned maintenance shutdown to minimize the impact on daily operations.

...just 3 months ago the 3rd milestone of 20k was reached earlier than expected, last month we also raised our personal year-end forecast from 23k-25k to 25k-28k and now, 1 month later, we are pleased to have to raise it again.

The new target is now 27k-30k and should the upper limit be reached here, the last 10k would be realized in just 6 instead of 10-12 months.

Some people may smile at this numerical example, but this is still a boring dividend portfolio 🤫

...but a quick look at the facts...

...September, even if it wasn't my strongest month, delivered average results in contrast to the past, but we probably owe that more to the April🍊 correction than to the usual course of events...

...for the year as a whole, as I mentioned at the beginning, things are still looking pretty good...

...and more than satisfactory over the entire term so far 🫠

Above all, however, because the currently forecast dividend value for 2026 is mathematically a good ~27% of the average annual investment amount or, to put it another way, this increases by a good ~27% on its own (without taking into account any increases/caps) 💪🏻

Which brings us to the topic of dividends...

...September was a good month and, despite the still modest portfolio value, brought us a monthly dividend of €275.42 net (gross €298.99) for a good reinvest 🤑

There was also a small change to the portfolio itself this month:

》🟢 Top 3

$3750 (+0.95%) +35,19% (+74,45%)

$HSBA (-0.08%) +9,41% (+23,42%)

$RIO (-0.66%) +4,91% (+5,95%)

》🔴 Flop 3

$HAUTO (+1.62%) -8,32% (+44,10%)

$BATS (+1.01%) -6,64% (+80,26%)

$1211 (+0.21%) +1,28% (-16,36%)

》Disposals

$PETR4 (+0.72%)

$JEGP (-0.22%)

》Additions

$DTE (+0.86%)

$WINC (-0.04%)

》Increased

$DTE (+0.86%)

$VAR (-1.7%)

All in all, a good look back at the future 📈

Wishing everyone a nice rest of Sunday and a good UPtober together ✌🏻

Vår Energi ASA $VAR (-1.7%) announces that it has acquired TotalEnergies' interest $TTE (-0.43%) in the Ekofisk PPF ("Previously Produced Fields") development project in license PL018F.

The Ekofisk PPF project is located in the greater Ekofisk area on the Norwegian Continental Shelf (NCS). The project will extend the production life of the Ekofisk area. The redevelopment will enable better reservoir development and higher production rates through the use of new completion and horizontal drilling technologies, which will lead to a significant increase in recoverable resources. The project includes four new subsea templates and 11 production wells connected to the Ekofisk Field Center.

The transaction increases Vår Energi's interest in the PPF project in license PL018F from 12.388% to 52.284%, strengthening the company's position in the greater Ekofisk area. The closing of the transaction is subject to the final investment decision for the PPF project and customary regulatory approvals, including the carve-out of the PL018F license from the PL018 license. The effective date is January 1, 2025.

The transaction will add estimated net proved and probable reserves of 38 million barrels of oil equivalent (mmboe) with a low operating cost per barrel and potential for further growth.

The final investment decision is expected to be made in the fourth quarter of this year, with production from the project expected to commence in late 2028.

Nick Walker, CEO of Vår Energi, commented: "The Ekofisk-PPF project is a strategic development that supports our ambition to maintain production levels of 350 to 400 thousand barrels of oil equivalent (kboepd) by 2030 and beyond. The transaction also supports our hub strategy by strengthening our presence in an area where we already have a presence and adding low-cost reserves with significant upside potential."