Vår Energi ASA

Vår Energi awarded 12 new NCS licenses

Vår Energi is awarded 12 new production licenses on the Norwegian Continental

Shelf (NCS), of which five as operator, in the 2022 Awards in Predefined Areas

(APA) covering mature areas.

The results were announced today by the Ministry of Petroleum and Energy. Vår

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

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

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

results: "We are offered licenses that strengthen our position in important

areas. The licenses support our long-term growth strategy and give us continuity

in our work to develop opportunities and create value."

Vår Energi CEO Torger Rød underlines the importance of the APA rounds:

"Continuous access to new exploration area is the foundation for value creation

and further development of the Norwegian Continental Shelf. Stable frame

conditions enable efficient exploration and field development. It creates

activity for the Norwegian supplier industry as well as ripple effects for our

local societies."

Vår Energi is offered following licenses:

The North Sea: PL 554E, PL 1185, PL 1179, PL 1173 (op)

Norwegian Sea: PL 1194, PL 1192 (op), Pl 1188, PL 134E, PL1189, PL 1002C (op)

Barents Sea: PL 1196 (op), PL 1197 (op)

(op) = operator

Vår Energi NCS portfolio (https://varenergi.no/en/our-business/).

More on the APA round (Norwegian Petroleum

Directorate) (https://www.npd.no/en/facts/news/general-news/2023/apa-2022-25

-companies-offered-ownership-interests/)

Contact

Jan Eirik Heigre Gjerdevik

Communication Advisor

+47 913 25 511

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 and a net-zero

producer (Scope 1 and 2) by 2030.

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

net 246,000 boe per day in 2021. We have our headquarters outside Stavanger,

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

varenergi.no.

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