Vår Energi ASA

Earnings Release • Jul 21, 2025

Vår Energi makes commercial gas-condensate discovery near the Fenja field in the Norwegian Sea

Vår Energi makes commercial gas-condensate discovery near the Fenja field in the Norwegian Sea

Sandnes, Norway, 21 July 2025: Vår Energi (OSE: VAR, the Company) announces a

new commercial gas and condensate discovery in the Vidsyn exploration well,

located close to the Vår Energi-operated Fenja field in the Norwegian Sea. The

discovery is the third commercial discovery for Vår Energi so far in 2025 and

will be evaluated as a potential tie-in to Fenja.

The discovery was made on the Vidsyn ridge, which has the potential to hold up

to 100 million barrels of oil equivalent (mmboe) gross. The Vidsyn well confirms

discovered recoverable resources in the range of 25 to 40 mmboe gross, which are

considered commercial. The remaining potential of the ridge will be assessed

through an appraisal programme, to facilitate for a fast track development.

The well encountered very good quality reservoirs with over 200 metres of

hydrocarbon column. The discovery is located updip of a previous exploration

well, providing a clear framework confirming commerciality and supporting

further evaluation of the broader Vidsyn ridge. The reservoir contains high

quality gas-condensate only eight kilometres from the existing Fenja subsea

infrastructure, which is tied into the Njord host facility.

SVP Exploration, Luca Dragonetti in Vår Energi said:

"Vidsyn is an exciting discovery unlocking a much larger potential along the

ridge in our operated Fenja area and adding high-value barrels to be developed

leveraging existing infrastructure in which Vår Energi holds significant

equity."

The discovery supports the Company's infrastructure-led exploration approach and

strengthens its position in the Norwegian Sea.

Dragonetti added:

"We are actively exploring in this area and are currently maturing new

prospects. The Vidsyn discovery is the consequence of our disciplined and

selective exploration strategy focused on expanding our ability to deliver value

through proximity to existing infrastructure."

The partners in the licence are Vår Energi (operator, 75%) and DNO ASA's wholly

-owned subsidiaries DNO Norge AS (7.5%) and Sval Energi AS (17.5%).

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 Communications

+47 976 67 137

liv.omdal@varenergi.no