Vår Energi ASA

Commercial oil and gas discovery in the Fram area in the North Sea

Sandnes, Norway 14 November 2024: Vår Energi ASA (OSE:VAR) confirms a commercial

oil and gas discovery in the Equinor operated Rhombi well in the Fram licence in

the North Sea. The preliminary estimate of shows gross recoverable resources of

between 13-28 million barrels of oil equivalent (mmboe).

The discovery was made in two different structural segments in Sognefjord and

Fensfjord formations with fair to very good reservoir characteristics. The

preliminary estimate of gross recoverable resources of the discovery are between

13 - 28 million barrels of oil equivalent. The licensees regard the discovery to

be commercially viable and will consider a tie-in to existing infrastructure.

Vår Energi's COO, Torger Rød, said:

"We congratulate Equinor for their safe and successful drilling operation, which

again proves the potential in the highly prolific Fram area. Its close proximity

to existing infrastructure provides further opportunities for a low emission and

cost-efficient development."

The Fram area has seen extensive exploration successes in recent years with

Echino South and Blasto being moved forward as the Fram South development

project, while Mulder and now Rhombi are lining up to provide future high value

production. In addition, Vår Energi will participate in six exploration wells in

the area over the next three years.

The license partners are Equinor Energy AS: 45 % (operator) , Vår Energi ASA: 40

% and INPEX Idemitsu Norge AS: 15 %

Contact

Investor relations

Ida Marie Fjellheim, VP Investor Relations

+47 90509291

Media relations

Liv Jannie Omdal, VP Communication

+4797667137

About Vår Energi

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

Norwegian continental shelf (NCS). We are committed to deliver a better future

through responsible value driven growth based on over 50 years of NCS

operations, a robust and diversified asset portfolio with ongoing development

projects, and a strong exploration track record. Our ambition is to be the

safest operator on the NCS, the partner of choice, an ESG leader with a tangible

plan to reduce emissions from our operations by more than 50% within 2030.

Vår Energi has around 1400 employees and equity stakes in 42 producing fields.

We have our headquarters outside Stavanger, Norway, with offices in Oslo,

Hammerfest and Florø. To learn more, please visit varenergi.no

AI Terminal