Vår Energi ASA

Earnings Release • Dec 17, 2025

All nine projects on stream by year-end - driving transformational growth in 2025

All nine projects on stream by year-end - driving transformational growth in 2025

Sandnes, Norway, 17 December 2025: Vår Energi (OSE: VAR, "the Company") is

pleased to announce the successful start-up of Balder Phase V and the completion

of Åsgard Low Pressure Production Phase 3 (LPP3). With the Åsgard LPP3

project start-up scheduled for December, the Company has delivered on its

commitment to complete nine out of nine growth projects in 2025, marking a year

of transformational progress for Vår Energi.

Production has grown from an average of 280 thousand barrels of oil equivalent

(kboepd) in 2024 to around 430 kboepd today, demonstrating our commitment to

growth and value creation.

CEO Nick Walker said:

"Delivering all nine projects as promised this year is a major achievement for

Vår Energi. This success has driven transformational growth, taken production to

record levels, and significantly de-risked the outlook of the Company. We are on

target to sustain production at 350 to 400 kboepd towards 2030 and beyond, and

we've never been in a stronger position to create long-term value for our

shareholders".

The development projects delivered in 2025 are Halten East, Johan Castberg,

Balder Jotun FPSO, Ormen Lange Phase 3, Snøhvit Askeladd Vest, Gjøa Low Pressure

Project, Åsgard Subsea Compression Phase 2, Balder Phase V and Åsgard LPP3, with

the Halten East, Balder and Johan Castberg projects being the main contributors

to the growth.

At peak, the nine projects will contribute with around 180 kboepd net production

and have developed 390 million barrels of oil equivalent (mmboe) of net proved

plus probable (2P) reserves, reinforcing Vår Energi's position as a leading

producer on the Norwegian Continental Shelf (NCS). By adding low-cost barrels,

the Company's unit operating cost has been reduced to around USD 10 per boe, a

level which will be sustained going forward.

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