Vår Energi ASA

Vår Energi ASA: Production update December 2025

Sandnes, Norway, 22 December 2025: Vår Energi (OSE: VAR, "the Company") is

providing an update on production guidance for full year 2025, which is updated

to be in the range 330 to 335 thousand barrels of oil equivalent per day

(kboepd) at the lower end of the previous guidance, due to recent operational

challenges at the Johan Castberg and the Balder fields.

At Johan Castberg, some issues with the offloading hose have led to periods of

reduced production in November and again now in December. In the Balder area,

there is recently experienced reduced production at the Jotun FPSO caused by

operational interruptions following the just started up Balder Phase V project

tied-in to the FPSO. Both the Johan Castberg and Balder fields are expected back

at plateau production by the end of December.

Vår Energi has started up nine growth projects during 2025, delivering

transformational production growth. The Company's production potential when all

assets are producing is in the range of 440 to 460 kboepd. Full year 2026

production guidance of around 400 kboepd remains unchanged.

Contact

Investor relations

Ida Marie Fjellheim, VP Investor Relations

+47 90509291

Media relations

Liv Jannie Omdal

VP Communications

+47 976 67 137

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.

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