Approaching start-up for Johan Castberg

10 Dec 2024 08:04 CET

Sandnes, Norway, 10 December 2024: Vår Energi ASA (OSE: VAR) today provides a
schedule update for the Johan Castberg development project, operated by Equinor.
The field is expected to start-up in January/February 2025, moved from end-2024,
due to adverse weather conditions in the Barents Sea during the final stage of
commissioning and start-up.

The Johan Castberg FPSO was anchored on the field in the Barents Sea in
September this year. The FPSO has been hooked up to the subsea facility and the
project is now approaching start-up. All wells required to meet the plateau
capacity of 220 thousand barrels of oil equivalent per day (kboepd) have been
drilled and are ready for production.

Due to the revised plan for start-up the Company's 2024 full year production
will be at the lower end of the guided range of 280 to 290 kboepd. The Company's
end-2025 production target of around 400 kboepd is not affected by the updated
project start-up.

Equinor Energy AS is the operator (50%) of Johan Castberg, with Vår Energi (30%)
and Petoro AS (20%) as partners. Estimated recoverable volumes in Johan Castberg
are between 450 to 650 million barrels of oil.

Contact

Investor relations

Ida Marie Fjellheim, VP Investor Relations

+47 90509291

ida.fjellheim@varenergi.no

Media relations

Liv Jannie Omdal, VP Communication

+4797667137

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 more than 50% within 2030.

Vår Energi has around 1400 employees and equity stakes in 42 producing fields.
We have our headquarters outside Stavanger, Norway, with offices in Oslo,
Hammerfest and Florø.

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