Commercial oil and gas discovery in the Gjøa area in the North Sea

27 Jun 2024 08:32 CEST

Sandnes, Norway 27 June 2024: The Vår Energi ASA (OSE: VAR) operated Cerisa
exploration well in production license PL 636 was successful with estimated
gross recoverable resources of between 18-39 million barrels of oil equivalent
(mmboe).

The discovery is the fourth discovery in a row close to the partly electrified
Vår Energi operated Gjøa platform. Together with previous discoveries Gjøa North
and Ofelia/Kyrre, Cerisa is a candidate to be tied into the Gjøa field by use of
the existing infrastructure in the area. Combined, these discoveries have
estimated gross recoverable resources of up to 110 mmboe.

"The Gjøa area constitutes a key part of the Company's hub strategy on the
Norwegian Continental Shelf. The Cerisa discovery is a testament to our
consistent and successful exploration strategy, targeting high value barrels
close to existing infrastructure. It clearly demonstrates the potential to
unlock further resources in the area and adds to the value accretive synergies
resulting from the Neptune transaction. It adds more high value, low carbon
barrels supporting our target to deliver between 350-400 thousand barrels of oil
equivalent per day from 2025 and beyond. This discovery will now be assessed
together with the other discoveries around Gjøa, where the Gjøa North and
Ofelia/Kyrre developments are already ongoing", says Vår Energi COO, Torger Rød.

The commercial Cerisa discovery adds to an already impressive exploration track
record. Over the past five years, Vår Energi has had a discovery rate of over 50
percent, with finding costs of less than USD 1 per barrel post tax. The
discovery supports the Company's plans for continuous development of the North
Sea as a long-term production hub for Vår Energi. The Cerisa discovery is
currently being included as part of the Gjøa North and Ofelia/Kyrre project team
to enable a fast-track delivery of these four discoveries into production.

The Cerisa exploration well and three additional side-track appraisal wells were
drilled by the semi-submersible drilling rig Deepsea Yantai. The oil-water
contact was not encountered in the wells drilled, implying possible upside to
the estimated resource range. The Cerisa discovery is located 17 kilometers
northeast of the Vår Energi operated Gjøa platform and five kilometers from the
Duva subsea template. The Gjøa field is about 80 kilometers southwest of Florø.

The license partners are Vår Energi ASA (operator) 30%, Inpex Idemitsu Norge AS
30%, PGNiG Upstream Norway AS 30% and Sval Energi AS 10%.

Contact

Investor relations

Ida Marie Fjellheim, Head of Investor Relations

+47 90509291

Ida.fjellheim@varenergi.no

Media relations

Liv Jannie Omdal, VP Communications

+47 97667137

Liv.omdal@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 1400 employees and equity stakes in 47 fields. We have our headquarters
outside Stavanger, Norway, with offices in Oslo, Hammerfest and Florø. To learn
more, please visit varenergi.no.

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