Vår Energi ASA

Report Publication Announcement • Jan 22, 2024

Dry wells in the Balder Area

Dry wells in the Balder Area

Sandnes, Norway, 22 January 2024: Vår Energi ASA (OSE: VAR) confirms drilling

operations on the exploration wells targeting the Hubert and Magellan prospects

in PL 917 has been concluded. The objective of the wells was to prove petroleum

in the Hubert prospect in the Paleocene Hermod Formation, and in the Magellan

Prospect in Eocene Injectites in the Balder Formation.

No producible reservoir was observed, and the wells are classified as dry. The

wells will be permanently plugged and abandoned.

Vår Energi holds a 40% share in license PL 917 (operator), with AkerBP 40% and

Equinor 20%.

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 1000 employees and equity stakes in 40 fields and the

company produced net 209,000 boe per day in the first nine months of 2023. We

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

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

Contact

Investor relations

Ida Marie Fjellheim, Head of Investor Relations

+47 90509291

ida.fjellheim@varenergi.no

Media relations

Andreas Wulff, Communication Manager

+47 92616759

andreas.wulff@varenergi.no

This information is subject to the disclosure requirements pursuant to

regulation EU 596/2014 Article 19 and Section 5-12 the Norwegian Securities

Trading Act.