Vår Energi ASA

Earnings Release • Dec 11, 2025

Extending plateau production at Johan Castberg

Extending plateau production at Johan Castberg

Sandnes, Norway, 11 December 2025 - Vår Energi ASA (OSE: VAR, "the Company") and

partners have sanctioned the first tie-in development to extend plateau

production from the Johan Castberg field in the Barents Sea towards 2030.

The Johan Castberg licence, operated by Equinor, has made a final investment

decision for the Johan Castberg Isflak Development. The partnership is also

planning six new Increased Oil Recovery (IOR) wells and a development of the

Drivis Tubåen discovery. The projects add  total reserves of 27 million barrels

of oil equivalent (mmboe) net Vår Energi, and demonstrate strong breakeven price

and return on investment.

The Isflak development is expected to start production in the fourth quarter

2028 and consist of two wells and a subsea template, which will be connected to

the existing subsea infrastructure in the Johan Castberg field.

Vår Energi COO Torger Rød said:

"The projects underline the Barents Sea's potential and marks an important step

in Vår Energi's plan to sustain production of 350 to 400 thousand barrels of oil

equivalent per day (kboepd) towards 2030 and beyond. The development leverages

existing infrastructure to secure Johan Castberg plateau production for years to

come, strengthening our position in the region and reaffirming our long-term

commitment to value creation".

The Johan Castberg field started up in March 2025 and reached plateau production

in June. With a 30% equity share Vår Energi now produces 66 kboepd net from the

field, which corresponds to around 15% of the Company's current production. The

operating costs of Johan Castberg is below USD 3 per boe.

With multiple discoveries and prospects that can be developed to maximise

production over time, the area offers large potential. The plan is to drill one

to two exploration targets each year, with four identified prospects already

lined up for 2026 and 2027.

The Johan Castberg area holds a substantial resource potential, and the licence

is targeting to unlock more than one billion barrels over the asset's lifetime,

with opportunities to sustain plateau production towards 2030.

Partners in the Johan Castberg licence (PL532): Equinor (operator and 46.3%),

Vår Energi (30%) and Petoro (23.7%).

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). To learn more, please visit

varenergi.no (https://varenergi.no/no/)