Vår Energi ASA

Vår Energi ASA: Allocation of bonus shares

Sandnes, Norway, 15 February 2023: Reference is made to the prospectus published

by Vår Energi on 4 February 2022 (the "Prospectus") in connection with the

Company's initial public offering on Oslo Stock Exchange (the "IPO").

The bonus shares will be delivered to investors in the retail offering who have

not sold or otherwise transferred any of the allocated shares in the period from

the first day of listing of the Company's shares on Oslo Exchange, and 16

February 2023. Each investor eligible to receive bonus shares will receive one

bonus shares for every 10 shares allocated in the IPO, up to a maximum limit of

NOK 500,000 of offer shares allocated and delivered. The Bonus Shares are being

granted by Company's shareholders Eni International B.V. and Point Resources

Holding AS and will be delivered on or around 23 February 2023. The number of

Bonus Shares delivered to any investor will be rounded down to the nearest whole

number of Bonus Shares.

Please see the Prospectus for further details about the retail offering and the

employee offering. The Prospectus is made electronically available at the

Company's website at

https://varenergi.no/no/ (https://eur06.safelinks.protection.outlook.com/?url=htt

ps%3A%2F%2Fvarenergi.no%2Fno%2F&data=05%7C01%7Cida.fjellheim%40varenergi.no%7C7ac

5e7f8ee594b7e52e608db0f8346e9%7C77da4c42ba77462bbb547f7ea57bd0a8%7C0%7C0%7C638120

828780846298%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6

Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=qYSssiZI3PlpWJNzQtnGAU71QUIYy%2FwEDu

osiG9A1%2BU%3D&reserved=0)

Contact

Investor relations

Ida Marie Fjellheim, Head of Investor Relations

+47 90509291

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 and a net-zero

producer (Scope 1 and 2) by 2030.

Vår Energi has more than 900 employees and equity stakes in 36 fields producing

net 220,000 boe per day in 2022. We have our headquarters outside Stavanger,

Norway, with offices in Oslo and Hammerfest. To learn more, please visit

varenergi.no.

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