Vår Energi ASA

Earnings Release • Jun 27, 2024

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

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

Sandnes, Norway 27 June 2024: The Vår Energi ASA (OSE: VAR) operated Cerisa

exploration well in production license PL 636 was successful with estimated

gross recoverable resources of between 18-39 million barrels of oil equivalent

(mmboe).

The discovery is the fourth discovery in a row close to the partly electrified

Vår Energi operated Gjøa platform. Together with previous discoveries Gjøa North

and Ofelia/Kyrre, Cerisa is a candidate to be tied into the Gjøa field by use of

the existing infrastructure in the area. Combined, these discoveries have

estimated gross recoverable resources of up to 110 mmboe.

"The Gjøa area constitutes a key part of the Company's hub strategy on the

Norwegian Continental Shelf. The Cerisa discovery is a testament to our

consistent and successful exploration strategy, targeting high value barrels

close to existing infrastructure. It clearly demonstrates the potential to

unlock further resources in the area and adds to the value accretive synergies

resulting from the Neptune transaction. It adds more high value, low carbon

barrels supporting our target to deliver between 350-400 thousand barrels of oil

equivalent per day from 2025 and beyond. This discovery will now be assessed

together with the other discoveries around Gjøa, where the Gjøa North and

Ofelia/Kyrre developments are already ongoing", says Vår Energi COO, Torger Rød.

The commercial Cerisa discovery adds to an already impressive exploration track

record. Over the past five years, Vår Energi has had a discovery rate of over 50

percent, with finding costs of less than USD 1 per barrel post tax. The

discovery supports the Company's plans for continuous development of the North

Sea as a long-term production hub for Vår Energi. The Cerisa discovery is

currently being included as part of the Gjøa North and Ofelia/Kyrre project team

to enable a fast-track delivery of these four discoveries into production.

The Cerisa exploration well and three additional side-track appraisal wells were

drilled by the semi-submersible drilling rig Deepsea Yantai. The oil-water

contact was not encountered in the wells drilled, implying possible upside to

the estimated resource range. The Cerisa discovery is located 17 kilometers

northeast of the Vår Energi operated Gjøa platform and five kilometers from the

Duva subsea template. The Gjøa field is about 80 kilometers southwest of Florø.

The license partners are Vår Energi ASA (operator) 30%, Inpex Idemitsu Norge AS

30%, PGNiG Upstream Norway AS 30% and Sval Energi AS 10%.

Contact

Investor relations

Ida Marie Fjellheim, Head of Investor Relations

+47 90509291

Ida.fjellheim@varenergi.no

Media relations

Liv Jannie Omdal, VP Communications

+47 97667137

Liv.omdal@varenergi.no

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 50% within 2030. Vår Energi has

around 1400 employees and equity stakes in 47 fields. We have our headquarters

outside Stavanger, Norway, with offices in Oslo, Hammerfest and Florø. To learn

more, please visit varenergi.no.