Vår Energi ASA

Earnings Release • Jun 23, 2025

Vår Energi confirms first production through Jotun FPSO

Vår Energi confirms first production through Jotun FPSO

Sandnes, Norway, 23 June 2025: Vår Energi today successfully started production

through the Jotun FSPO. This marks the start of a new era for the Balder field

in the North Sea, extending the life of the first production licence, PL001, on

the Norwegian Continental Shelf, adding high value barrels towards 2045 and

beyond.

By bringing the Jotun FPSO onstream, production is expected, within three to

four months after start-up, to increase by approximately 80 thousand barrels of

oil equivalent per day (kboepd) gross, on top of the current production of

approximately 30 kboepd gross through the Balder FPU and Ringhorne facilities.

The Jotun FPSO will have a low operating cost of around USD 5 per barrel and

estimated gross proved plus probable recoverable reserves from the project at

150 million barrels of oil equivalent (mmboe).

"Vår Energi is set for transformative growth in 2025. Together with the recent

start-ups of Halten East and Johan Castberg, this marks a key milestone in

reaching our production target of more than 400 kboepd in the fourth quarter of

this year. Furthermore, with infrastructure and facilities designed to extend

production beyond 2045, the start-up of the Jotun FPSO opens up wide potential

for continued value creation from the area. I wish to extend the Company's

gratitude to the people in the project organisation, our suppliers, employees

and our partner for the strong dedication and collaborative efforts required in

successfully completing this complex project. Also, the support by the Norwegian

authorities has been fundamental, and much appreciated," said Nick Walker, CEO

of Vår Energi.

All 14 production wells have been completed and will be brought onstream during

the ramp-up period to reach peak production. Together with the Balder Phase V

project starting up later this year, the project has a payback time of around

two years¹. In addition, with the Jotun FPSO installed as an area host, Vår

Energi is taking necessary steps to add new production through infill drilling,

exploration and tie-back developments with short time to market.

Vår Energi is operator (90%) of the Balder field, with Kistos Energy Norway AS

as partner (10%).

1. From production start-up

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.

Contact

Investor relations

Ida Marie Fjellheim, VP Investor Relations

+47 90509291

ida.fjellheim@varenergi.no

Media relations

Liv Jannie Omdal

VP Communication

+47 976 67 137

liv.omdal@varenergi.no