Vår Energi ASA

Regulatory Filings • Jan 16, 2024

Vår Energi awarded 16 new NCS licenses

Vår Energi awarded 16 new NCS licenses

Vår Energi is awarded 16 new production licenses on the Norwegian Continental

Shelf (NCS), of which 4 as operator, in the 2023 Awards in Predefined Areas

(APA) covering mature areas.

Vår Energi is one of the fastest growing oil and gas companies in the world and

a major oil and gas supplier to the European market. Continued access to new

exploration areas is the foundation for further growth and value creation.

Vår Energi is offered licenses in the North Sea, the Norwegian Sea and the

Barents Sea - most of them in areas close to existing infrastructure, supporting

the company hub strategy.

Rune Oldervoll, Vår Energi EVP Exploration & Production is pleased with the

results:

"I'm pleased to see that we are offered licenses in our key areas on the

Norwegian Continental Shelf. We continue to build our diversified portfolio and

strengthen our position as a leading operator - especially in the north. All

licenses support our long-term growth strategy and gives us continuity in our

work to develop opportunities and create value."

Vår Energi is also offered licenses in the western Barents Sea - in a more

unexplored area of the Barents region. Vår Energi CEO Nick Walker explains:

"In addition to further development in and around existing fields, we are

intensifying our work to unlock the hydrocarbon potential in the western Barets

Sea - building on our leading exploration track record. Norway is a vital

supplier of energy to Europe. Access to new exploration acreage is key to

maintaining our long-term position as a reliable supplier."

Vår Energi is offered following licenses:

· The North Sea: 4 (1 operated)

· Norwegian Sea: 5 (1 operated)

· Barents Sea: 7 (2 operated)

The results were announced today by the Ministry of Energy.

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

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 39 fields and the

company produced net 209,000 boepd in 2023. We have our headquarters outside

Stavanger, Norway, with offices in Oslo and Hammerfest. To learn more, please

visit varenergi.no.