Vår Energi ASA

Regulatory Filings • Sep 10, 2025

Vår Energi confirms the Jotun FPSO has reached peak production

Vår Energi confirms the Jotun FPSO has reached peak production

Sandnes, Norway, 10 September 2025: Vår Energi ASA (OSE: VAR) announce that the

Jotun FPSO has reached peak production ahead of schedule. This marks a

significant milestone for the Company and the continued development of the

Balder field in the North Sea, adding high value barrels towards 2045 and

beyond.

The Jotun FPSO is now producing over 80 thousand barrels of oil equivalent per

day (kboepd) gross, on top of current production of around 30 kboepd gross

combined from the Balder Floating Production Unit (FPU) and Ringhorne

facilities. The Jotun FPSO was brought onstream on 22 June 2025.

Nick Walker, CEO of Vår Energi, said:

"The achievement of this key milestone is another important step in delivering

on Vår Energi's transformative production growth target in 2025. The rapid ramp

-up to peak production at the Jotun FPSO, alongside strong performance across

our portfolio, puts us on track to meet our production target of around 430

kboepd in the fourth quarter of this year. With the new facilities in the Balder

area designed to extend production beyond 2045 we are on track to create more

value from the area."

All 14 subsea production wells are now online and are on average producing in

line with expectations, and work is ongoing to further optimize the production

from Jotun FSPO. The Balder Phase V and VI projects are underway and will add

additional capacity, maintaining high production from the Balder area going

forward.

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

as partner (10%).

Contact

Investor relations

Ida Marie Fjellheim, VP Investor Relations

+47 905 09 291

ida.fjellheim@varenergi.no

Media

Liv Jannie Omdal, VP Communications

+47 97667137

liv.omdal@varenergi.no?? (liv.omdal@varenergi.no%E2%80%AF%E2%80%AF)

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 1 400 employees and equity stakes in 42 producing fields.

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

Hammerfest and Florø.