Vår Energi ASA

Earnings Release • Mar 17, 2025

Halten East on stream

Halten East on stream

Sandnes, Norway 17 March 2025: Production from the Equinor operated Halten East

field in the Norwegian Sea has commenced, on time and on budget. The gas and

condensate field will provide Vår Energi with net production of around 20

thousand barrels of oil equivalent per day (kboepd) at peak.

The Halten East field, a tie-back development to the Åsgard B facilities, holds

gross reserves of around 100 million¹ barrels of oil equivalent (mmboe), and is

an important contributor to reaching Vår Energi's target of producing more than

400 kboepd in fourth quarter this year.

COO in Vår Energi, Torger Rød, said:

"We congratulate Equinor with the successful start-up of Halten East. Together

with Johan Castberg and Balder X, Halten East is one of the major development

projects starting up this year, bringing the Company's production to above 400

kboepd by the fourth quarter 2025. Vår Energi is a reliable and secure supplier

of energy to Europe, and the start-up of Halten East will add important gas

volumes with low emissions, generating substantial value going forward. The

project is a prime example of high value barrels being brought to the market

quickly and at low cost, with two years from government approval to production

and with a payback time of one year."

The Halten East development consists of five subsea templates tied back to the

existing infrastructure in the Åsgard Area in the Norwegian Sea. One out of six

wells are now producing, and additional wells will be brought on stream

throughout this year to reach peak production in 2026. The second phase of the

project is expected to start in 2029 and includes a sidetrack to one discovery

and up to three further wells, utilising existing infrastructure and processing

capacity at Åsgard B. The area holds additional unrisked gross recoverable

resource potential of 100-200 mmboe¹ for future development.

The Norwegian Sea continues to be a high value gas hub for Vår Energi.  In

total, the area holds around 430 mmboe reserves plus resources[2] net to Vår

Energi and the Company will target a further 200 mmboe through exploration

targets in the next four years.

Facts:

· Halten East is located 35 kilometres east of the Åsgard field in the

Norwegian Sea and consists of the Gamma, Harepus, Flyndretind, Nona, Sigrid and

Natalia discoveries.

· Halten East is a subsea development tied back to the Åsgard Area and

includes the installation of three subsea templates in the south, and two subsea

templates in the north.

· Gas and oil/condensate are sent to Åsgard B for processing, and oil and

condensate are stored in Åsgard A and Åsgard C for export by tankers.

· Produced gas is sent through the Åsgard Transport gas pipeline to Kårstø,

and from there to Europe

· Licencees: Equinor Energy AS (69.5%, operator), Petoro AS (5.90%) and Vår

Energi AS (24.60%)

1. Gross, Vår Energi 24.6% working interest

2. Proved plus probable (2P) reserves and 2C contingent resources

Contact

Investor relations

Ida Marie Fjellheim, VP Investor Relations

+47 90509291

ida.fjellheim@­varenergi.no

Media relations

Liv Jannie Omdal, VP Communications

+4797667137

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.

Safe and responsible operations are at the core of our strategy. Our ambition is

to be the safest operator on the NCS, and to become carbon neutral in our net

equity operational emissions by 2030.

Vår Energi has around 1400 employees and equity stakes in 41 producing fields.

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

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