Vår Energi ASA

Capital/Financing Update • Apr 26, 2023

Vår Energi ASA announces pricing of inaugural Euro Senior Notes Offering

Vår Energi ASA announces pricing of inaugural Euro Senior Notes Offering

Sandnes, Norway, 26 April 2023: Vår Energi ASA (OSE: VAR, the "Company") is

pleased to announce that it has priced an offering of EUR 600 million Senior

Notes under Vår Energi ASA's recently established Euro Medium Term Note

programme. The Notes mature in May 2029 and carry an annual fixed coupon of 5.5%

at a price equal to 99.696% of the aggregate principal amount thereof.

The Notes will be listed on the regulated market of the Luxembourg Stock

Exchange. The Company intends to use the net proceeds of the Offering for a

partial refinancing of the Company's bridge-to-bond facility maturing in

November 2023 and for general corporate purposes.

For further information, please contact:

Investor relations

Ida Marie Fjellheim, Head of Investor Relations

+47 90509291

ida.fjellheim@varenergi.no

Treasury

Rune Dreiem, VP Finance and Treasury

+47 41085958

rune.dreiem@varenergi.no

Cautionary Statements

This announcement is for information purposes only and does not constitute a

prospectus or any offer to sell or the solicitation of an offer to buy any

security in any jurisdiction.

This announcement is not for public release, publication or distribution,

directly or indirectly, in or into the United States. This announcement does not

constitute or form a part of any offer of, or solicitation to purchase or

subscribe for, any securities in the United States. Any such securities have not

been, and will not be, registered under the U.S. Securities Act of 1933, as

amended (the "Securities Act"). Any such securities will be offered or sold only

in offshore transactions outside of the United States, in accordance with

Regulation S of the Securities Act. Vår Energi does not intend to register any

portion of the proposed offering of the securities in the United States and no

public offering will be made in the United States.

In the United Kingdom, this announcement is addressed to and directed only at

(i) persons who have professional experience in matters relating to investments

falling within Article 19(5) of the Financial Services and Markets Act 2000

(Financial Promotion) Order 2005, as amended (the "Order"), (ii) persons who are

high net worth entities falling within Article 49(2)(a) to (d) of the Order, or

(iii) other persons to whom it may otherwise lawfully be communicated (all such

persons together being referred to as "relevant persons"). This announcement

must not be acted on or relied on in the United Kingdom by persons who are not

relevant persons.  Any investment or investment activity to which this

announcement relates is available only to relevant persons in the United

Kingdom.

Manufacturer target market (MiFID II and UK MiFIR product governance) is

eligible counterparties and professional clients only (all distribution

channels). No EU PRIIPS or UK PRIIPs key information document (KID) has been

prepared as not available to retail in EEA or the UK.

Neither the content of Vår Energi's website nor any website accessible by

hyperlinks on Vår Energi's website is incorporated in, or forms part of, this

announcement. The distribution of this announcement into certain jurisdictions

may be restricted by law. Persons into whose possession this announcement comes

should inform themselves about and observe any such restrictions. Any failure to

comply with these restrictions may constitute a violation of the securities laws

of any such jurisdiction.

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation and is subject to the disclosure requirements pursuant

to Section 5-12 the Norwegian Securities Trading Act.

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, and an ESG leader with a

tangible and concrete plan to reduce emissions from our operations by 50% within

Vår Energi has more than 900 employees and equity stakes in 36 fields producing

net 220,000 boe per day in 2022. We have our headquarters outside Stavanger,

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

varenergi.no.