Vår Energi ASA

M&A Activity • Oct 5, 2023

Vår Energi sells Brage assets as part of portfolio optimisation

Vår Energi sells Brage assets as part of portfolio optimisation

Sandnes, Norway, 5 October 2023: Vår Energi ASA (OSE: VAR) has signed an

agreement with Petrolia NOCO AS (Petrolia) for the disposal of the 12,2575%

interest in the Brage Unit.

The Brage Field is a late life producing field located in the Central North Sea

operated by OKEA (35.2%). The field started production in 1993 and comprises a

production, drilling and quarters platform with oil transportation via OTS/Sture

Terminal and gas offtake through Gassled.

"The transaction is part of Vår Energi's ongoing portfolio optimisation process,

in line with stated long term strategic drivers and performance metrics to

reduce cost and enhance value creation", said Stefano Pujatti, CFO in Vår

Energi.

Vår Energi net production from the field was 1.0 Kboepd in the first half 2023

and had remaining net reserves 1.9 mmboe at year-end 2022.

The transaction is subject to normal regulatory approvals and is expected to

close by year end 2023. The deal does not impact the Company's previously

announced production guidance.

Contact:

Investor Relations

Ida Marie Fjellheim, Head of IR

+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 kboepd 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.