Vår Energi ASA

Earnings Release • Jun 20, 2025

Johan Castberg producing at plateau

Johan Castberg producing at plateau

Sandnes, Norway, 20 June 2025: Production from the Equinor operated Johan

Castberg field in the Barents Sea is now at plateau levels. The field

contributes with 66 thousand barrels of oil per day (kbopd) net to Vår Energi at

plateau 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 the fourth quarter this year.

COO in Vår Energi, Torger Rød, said:

"We are pleased to see Johan Castberg producing at stable plateau levels, after

a safe and successful start-up by Equinor in March this year. For Vår Energi,

this is an important milestone towards delivering on the Company's growth target

of producing more than 400 kboepd in the fourth quarter of this year, while

further strengthening our position as a leading player in the Barents Sea. The

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 years¹."

The Johan Castberg FPSO has a gross capacity of 220 kbopd, and the field holds

gross recoverable reserves of between 450 and 650 million barrels of oil. 17

wells are now completed, bringing the field to plateau production. A total of 30

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

operations are expected to continue towards the end of 2026.

Equinor Energy AS is the operator (46.3%) with partners Vår Energi ASA 30% and

Petoro AS 23.7%.

1. From production start-up

Contact

Investor relations

Ida Fjellheim, VP Investor relations

+47 905 09 291

ida.fjellheim@­­varenergi.no

Media relations

Liv Jannie Omdal, VP Communication

+47 976 67 137

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.