Vår Energi ASA

Board/Management Information • Aug 25, 2023

Vår Energi strengthens its executive management team to reaffirm its strategic ambitions

Vår Energi strengthens its executive management team to reaffirm its strategic ambitions

Sandnes, Norway, 25 August 2023: Vår Energi ASA (OSE: VAR) ("Vår" or the

"Company") today announced adjustments to its executive management team and

reaffirms its strategic ambitions.

The Company's recent acquisition of Neptune Energy Norge will accelerate the

Company's position as a leading E&P independent in Norway. The Company is

currently the third largest operator on the Norwegian Continental Shelf and the

acquisition will further scale, diversify and strengthen its growth and value

creation. In response to these new opportunities, the board has decided to make

certain adjustments to the management group and bring on more resources.

"We are very pleased to announce that Nick Walker will be joining Vår as CEO and

also that our current CEO, Torger Rød, transfers to the new role as COO", says

Thorhild Widvey, chair of the board.

Walker most recently held the position as CEO of the leading European E&P

independent Lundin Energy until mid-2022 when it was acquired by Aker BP, and

has previously worked with BP, Talisman Energy, Africa Oil and Vedanta - Cairn

Oil & Gas. He has 30 years of international experience in technical, commercial,

and executive leadership roles. He will spear-head the Company's strategy,

market engagement and stakeholder management. He will take up the CEO position

with effect from 5. September 2023.

Nick Walker comments, "I have followed closely the impressive development of Vår

Energi in recent years and have great respect for the Company's strong track

-record and operational heritage on the NCS. I welcome this opportunity to lead

the Company through its next growth phase and deliver on the strategy - which

remains firm."

Widvey continues, "Torger Rød has led the Company through a transformative phase

and has achieved strong operational and financial results, including a very

successful IPO, the mentioned Neptune acquisition, strengthening of the

organisation, while also delivering on strategic ambitions. He will now deploy

his deep operational competencies and understanding of the organisation in the

role as COO to continue driving improvement, integration and transformation of

the Company".

Contact

Investor relations

Ida Marie Fjellheim, Head of Investor Relations

+47 90509291

ida.fjellheim@varenergi.no

Media relations

Andreas Wulff, Communication Manager

+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). 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. Our ambition is to be the

safest operator on the NCS, the partner of choice, an ESG leader with a tangible

plan to reduce emissions from our operations by 50% within 2030.

Vår Energi has around 1000 employees and equity stakes in 39 fields and the

company produced net 208,000 boe per day in first half of 2023. We have our

headquarters outside Stavanger, Norway, with offices in Oslo and Hammerfest. To

learn more, please visit varenergi.no.