Vår Energi ASA

M&A Activity • Oct 1, 2025

Vår Energi increases ownership in the Ekofisk PPF Project

Vår Energi increases ownership in the Ekofisk PPF Project

Sandnes, Norway, 1 October 2025: Vår Energi ASA (OSE: VAR) announces it has

acquired TotalEnergies' ownership interest in the Ekofisk PPF ("Previously

Produced Fields") development project in licence PL018F.

The Ekofisk PPF project is located in the Greater Ekofisk Area of the Norwegian

Continental Shelf (NCS). The project will extend the production life of the

Ekofisk area. The re-development will enable better reservoir exposure and

production rates resulting in significantly increased recoverable resources,

through use of new completion and horizontal well technology. The project

consists of four new subsea templates and 11 production wells tied back to the

Ekofisk Field Center.

The transaction  will increase  Vår Energi's ownership interest in the PPF

project in licence PL018F from 12.388% to 52.284%, strengthening its position in

the Greater Ekofisk Area. Completion of the transaction is subject to Final

Investment Decision for the PPF project and customary regulatory approvals,

including the carve-out of the PL018F licence from the PL018 licence. The

effective date is 1 January 2025.

The transaction will add estimated net proved plus probable reserves of 38

million barrels of oil equivalent (mmboe) with low operating costs per barrel

and potential for further growth. Final investment decision is expected to be

taken in the fourth quarter this year with production from the project expected

to start up at the end of 2028.

Nick Walker, CEO of Vår Energi, commented:

"The Ekofisk PPF project is a strategic development that supports our ambitions

to maintain a production level of between 350 to 400 thousand barrels of oil

equivalent (kboepd) towards 2030 and beyond. The transaction also supports our

hub strategy by increasing exposure in an area where we are already present and

adds low-cost reserves with significant upside potential."

Following the transaction, the PL018F licence holders are ConocoPhillips

(35.112%, operator), with Vår Energi ASA (52.284%), DNO ASA (7.604%%) and Petoro

(5%) as partners.

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.

Contact

Investor relations

Ida Marie Fjellheim, VP Investor Relations

+47 90509291

ida.fjellheim@varenergi.no

Media relations

Liv Jannie Omdal

VP Communications

+47 976 67 137

liv.omdal@varenergi.no