Vår Energi ASA

Earnings Release • Oct 10, 2025

Vår Energi: Third quarter 2025 trading update

Vår Energi: Third quarter 2025 trading update

Sandnes, Norway, 10 October 2025: Vår Energi ASA (OSE: VAR, the "Company") will

publish its financial report for the third quarter 2025 on Tuesday 21 October.

Today, the Company provides an update on production, sales volumes and other

relevant items.

Vår Energi's net production of oil, liquids and natural gas averaged 370 kboepd

in the third quarter of 2025, an increase of 29% from the second quarter and an

increase of 44% compared to the third quarter of 2024. Vår Energi expects to

reach around the mid-point of the production guidance of 330-360 kboepd for the

full-year 2025. Fourth quarter 2025 production is expected to be around 430

kboepd.

The production split in the third quarter was 74% oil and NGLs (liquids) and 26%

gas.  Total volumes produced were 34.1 mmboe whereas volumes sold in the quarter

amounted to 30.5 mmboe. The underlift position is mainly due to timing of crude

liftings in the quarter. Vår Energi obtained a strong average realised price

(volume-weighted) of USD 68 per boe in the quarter. The realised crude price was

USD 69 per barrel. The realised gas price of USD 73 per boe is a result of fixed

price contracts and flexible gas sales agreements, allowing for optimisation of

indices. The fixed price contracts represented 18% of third quarter gas volumes

sold at an average price of USD 90 per boe, substantially above the spot market

reference price. For the fourth quarter fixed price gas contracts represent 15%

of volumes at USD 78 per boe.

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Production (kboepd)[1] Q3 2025 Q2 2025 Q3 2024 YTD  2025 YTD  2024

Crude oil 255 180 154 199 162

Gas 98 92 86 95 100

NGL 18 16 16 17 19

Total 370 288 256 311 281

Realised prices (USD/boe)

Crude oil price 69 68 81 71 83

Gas price 73 79 76 79 71

NGL price 39 43 46 43 47

Average (volume weighted) 68 70 76 72 76

Sales volumes (mmboe)

Crude oil 20.8 17.1 14.2 52.9 43.9

Gas 8.1 7.7 7.7 23.8 24.8

NGL 1.7 1.2 2.0 3.6 6.3

Total 30.5 26.0 24.0 80.3 74.9

Total production (mmboe) 34.1 26.2 23.6 84.8 76.9

¹ Produced figures are including fuel gas not for sale

Other items:

Vår Energi's functional currency is NOK, whilst interest bearing loans are in

USD and EUR. The strengthening of the NOK in the third quarter of 2025 led to a

net exchange rate gain of approximately USD 50 million.

In the quarter, the company is expecting higher depreciation per boe as new

fields are brought onstream.

As previously communicated, the following items impacted the cash flow in the

third quarter: cash tax payments totaling USD ~530 million and a dividend

payment for the second quarter of USD 300 million, paid in August.

The information above is based on a preliminary assessment of the Company's

third quarter 2025 financial results and may be subject to change until the

financial statements have been finally approved and published by the Company.

Third quarter webcast and conference call

Vår Energi will release its quarterly results on 21 October at 07:00 CEST. A

webcast followed by Q&A will be held at 10:00 CEST, hosted by CEO Nick Walker

and CFO Carlo Santopadre. You can follow the webcast with supporting slides,

available on:

https://events.webcast.no/vaar-energi/quarterly-reports/fexyBLZcSHCpppx8Jyt8

Contact

Investor relations

Ida Marie Fjellheim, VP Investor Relations

+47 90509291

ida.fjellheim@varenergi.no

Media relations

Andreas Wulff, VP Public Affairs

+47 92616759

andreas.wulff@varenergi.no

About Vår Energi

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

Norwegian continental shelf (NCS). To learn more, please visit varenergi.no.

This information is subject to disclosure requirements pursuant to section 5-12

of the Norwegian Securities Trading Act