Vår Energi ASA

Earnings Release • Dec 16, 2025

PPF Project sanctioned - strengthening production in the Greater Ekofisk Area

PPF Project sanctioned - strengthening production in the Greater Ekofisk Area

Sandnes, Norway, 16 December, 2025: Vår Energi ASA (OSE: VAR, "the Company") and

licence partners announce that the Previously Produced Fields (PPF) Project in

the Greater Ekofisk Area is sanctioned. The project will add high value barrels

from 2028 onwards and strengthen production life of the Greater Ekofisk Area.

The partners in the PPF Project, operated by ConocoPhillips Skandinavia AS, have

made a final investment decision on the PPF re-development project. The

project's capital commitment is approximately USD 0.7 billion net Vår

Energi and is expected to deliver 55 million barrels of oil equivalent (mmboe)

in net proved plus probable (2P) reserves.

The project aligns fully with Vår Energi's disciplined investment framework,

offering a rapid payback period, a competitive breakeven price below USD 35

per boe, and an expected return on investment exceeding 25%.

Vår Energi COO Torger Rød said:

"The PPF project is an important development that supports Vår

Energi's plan to sustain production of 350 to 400 thousand barrel of oil

equivalent per day (kboepd) towards 2030 and beyond. This reinforces

our focused strategy by consolidating our position in the Greater Ekofisk Area

and securing low-cost reserves with strong upside potential, enhancing long-term

value creation".

The project consists of the three previously produced fields Albuskjell and Vest

Ekofisk in licences PL018B/F and Tommeliten Gamma in licences PL044/D. This re

-development of the gas condensate fields is enabled through better well

placement and the use of horizontal well technology allowing for better

reservoir exposure and production rates, resulting in significantly increased

recoverable reserves.

The project consists of four new subsea templates and 11 production wells

tied back to the Ekofisk Complex. First production is planned towards the end

of 2028.

Rød added:

"Combining modern technologies with an entrepreneurial mindset enables

optimised recovery from the mature fields, strengthening production long term,

and to maximise asset value".

Vår Energi announced in October that it had acquired TotalEnergies' ownership

interest in the production licences PL018B/F, increasing its ownership

in these licences from around 12% to around 52%. This transaction is expected to

complete in December 2025.

Following the completion of the transaction Vår

Energi ownership in licences PL018B/F will be 52.28% and Vår Energi's interest

in licences PL044/D is 9.13%.

Contact

Investor relations

Ida Marie Fjellheim, VP Investor relations

+47 905 09 291

ida.fjellheim@varenergi.no

Media

Liv Jannie Omdal, VP Communications

+47 97667137

liv.omdal@varenergi.no?? (liv.omdal@varenergi.no%E2%80%AF%E2%80%AF)

About Vår Energi

Vår Energi is a leading independent upstream oil and gas company on the

Norwegian Continental Shelf (NCS). To learn more, please visit varenergi.no