Vår Energi ASA

Vår Energi is increasing production and reserves from the Gjøa field

Sandnes, Norway, 7 October 2025: Vår Energi ASA (OSE: VAR) is pleased to

announce an increase in both production as well as recoverable volumes from the

Gjøa field (PL153), following the start-up of the Gjøa low pressure project.

The project has modified the compressor systems on the Gjøa platform, which has

enabled the wells to produce longer and at higher rates, increasing the

remaining recoverable volumes.

Production from the Gjøa field increased by 6 thousand barrels of oil equivalent

per day (kboepd) from 35?kboepd to 41?kboepd (gross) as a result of the start

-up. In addition, remaining recoverable volumes increased by a total of 6.3

million boe, representing approximately 25% increase. The low-pressure project

extends the economic production life of Gjøa by 2 to 3 years and has a payback

period of less than 6 months.

COO of Vår Energi Torger Rød said:

"This is a great achievement. By using off-the-shelf technology, we are not only

boosting production and remaining recoverable volumes from the Gjøa field, we

are also prolonging the economic lifetime of the other producing fields Duva,

Vega and Nova that are tied into the Gjøa platform. This is a win-win situation

for the producing fields and the development projects in the Greater Gjøa

area."

The platform modifications allow for flexible operations and are designed to

enhance production from all related producing fields. The project was conducted

as part of a planned maintenance shutdown to minimize impact on daily

operations.

The concept select studies were performed by Aker Solutions and the project was

executed by Rosenberg Worley. The low pressure production commenced in

September.

Partners in the Gjøa licence (PL153): Vår Energi (operator and 30%), Petoro

(30%), Harbour Energy Norge AS (28%) and OKEA ASA (12%)

Contact

Investor relations

Ida Marie Fjellheim, VP Investor Relations

+47 905 09 291

Media

Liv Jannie Omdal, VP Communications

+47 976 67 137

About us

Vår Energi is a leading independent upstream oil and gas company on the

Norwegian Continental Shelf (NCS). To learn more, please visit varenergi.no

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