Vår Energi ASA

Regulatory Filings • Aug 26, 2025

Vår Energi reaches 400 kboepd production milestone ahead of schedule

Vår Energi reaches 400 kboepd production milestone ahead of schedule

Sandnes, Norway, 26 August 2025: Vår Energi ASA (OSE: VAR) has achieved a

significant milestone  by reaching a production level of 400 thousand barrels of

oil equivalent per day (kboepd), ahead of schedule. The Company is also on track

to produce around 430 kboepd in the fourth quarter this year, delivering on its

strategy for transformative growth in 2025.

The higher than expected production level has been achieved as the Jotun FPSO at

the Balder field continues to ramp-up ahead of plan, with peak production

expected during September. In addition, other assets across the portfolio are

contributing with strong deliveries.

"This is a major achievement for the Company and a testament to the hard work

and dedication of the people in Vår Energi, our suppliers and partners. It

demonstrates the strength of our operational capabilities and the momentum we

are building as we continue to grow production. It is also a reflection of the

successful execution of our strategy to deliver long-term, sustainable value

creation for all our stakeholders." said Nick Walker, CEO of Vår Energi.

Vår Energi is delivering transformational growth in 2025, confirming its

position as a leading, pure play E&P company on the highly attractive Norwegian

Continental Shelf (NCS). The Company expects to achieve the mid-point of its

full-year production guidance of 330-360 kboepd and is on track to produce

around 430 kboepd in the fourth quarter of this year. Looking ahead, Vår Energi

is committed to sustain high value creation towards 2030 and beyond. The Company

aims to maintain production in the range of 350 to 400 kboepd over time,

supported by a robust portfolio of around 30 early-phase projects. Of these,

more than 10 projects are expected to reach final investment decision this year,

with four already sanctioned. In addition, Vår Energi continues to be one of the

most active explorers on the NCS with three commercial discoveries year to date.

The Company is delivering significant value creation through reduced costs, a

high quality and flexible investment program, and incremental improvements

throughout our operations. This provides resilience in a volatile business

environment, strong cash flow generation and strengthens our long-term

shareholder distribution capacity.

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

+47 905 09 291

ida.fjellheim@varenergi.no

Media relations

Liv Jannie Omdal

VP Communications

+47 976 67 137

liv.omdal@varenergi.no