Vår Energi ASA

Earnings Release • Mar 31, 2025

Johan Castberg starts production

Johan Castberg starts production

Sandnes, Norway 31 March 2025: Production from the Johan Castberg field

commenced on 31 March, marking the start of a new era in the Barents Sea region.

The field will contribute with 66 thousand barrels of oil per day (kbopd) net to

Vår Energi at plateau levels and is an important catalyst for the Company to

deliver on its growth target of reaching more than 400 thousand barrels of oil

equivalent per day (kboepd) in fourth quarter this year.

CEO in Vår Energi, Nick Walker, said:

"This is a great day for Vår Energi, Petoro, Equinor and the Barents Sea region,

and we congratulate the operator Equinor for their safe and successful start-up

of Johan Castberg. The Johan Castberg field will be producing for more than 30

years, contributing to significant growth and value creation in the years to

come with a pay-back time of less than 2 years. The start-up also marks an

important milestone in reaching the Company's growth target of producing more

than 400 kboepd in the fourth quarter of this year, making us one of the fastest

growing E&Ps globally, and a leading player in the Barents Sea."

The Equinor operated Johan Castberg FPSO has a gross capacity of 220 kbopd, and

the field holds gross recoverable volumes of between 450 and 650 million barrels

of oil. 12 production wells are now ready to be put on stream, sufficient to

bring the field to plateau levels in the second quarter of 2025. A total of 30

wells will be drilled at the Johan Castberg field, and drilling operations are

expected to continue towards the end of 2026.

Johan Castberg reinforces the role of the Barents Sea as a major energy provider

to Europe, while creating value for all stakeholders, including major ripple

effects in northern Norway. The Johan Castberg area is highly prospective, and

several new discoveries made in recent years are already being matured into

projects, including Johan Castberg Cluster 1. Cluster 2 is progressing through

near field exploration, and an extensive infill drilling program is being

planned. In total, there are between 250 and 550 million barrels of oil of

additional gross unrisked recoverable resources identified in the area.

Johan Castberg is located 240 kilometres northwest of Hammerfest. The field has

a supply and helicopter base in Hammerfest.

Facts:

· Johan Castberg is a large oil field with estimated gross recoverable volumes

of between 450 and 650 million barrels of oil.

· Johan Castberg is located in the Barents Sea, 100 kilometres northwest of

the Snøhvit field.

· Johan Castberg consists of the three discoveries Skrugard, Havis and Drivis,

which were made between 2011 and 2013.

· The FPSO is 313 metres long, 55 metres wide and 120 metres high. Its design

storage capacity is 1.1 million barrels of oil.

· Licencees: Equinor Energy AS (operator) 46.3%, Vår Energi ASA 30% and Petoro

AS 23.7%.

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 42 producing fields.

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

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