Vår Energi awarded 16 NCS licences

14 Jan 2025 13:46 CET

Sandnes, Norway 14 January 2025: Vår Energi ASA (OSE:VAR) is awarded 16 new
production licences on the Norwegian Continental Shelf (NCS), of which 5 as
operator, in the 2024 Awards in Predefined Areas (APA) covering mature areas.

The awards were announced by the Norwegian Ministry of Energy, offering Vår
Energi production licences in all parts of the NCS, including the North Sea, the
Norwegian Sea and the Barents Sea. Most of the licences are close to existing
infrastructure, supporting the company hub strategy.

CEO in Vår Energi, Nick Walker said:

"I am pleased that our work to secure new and attractive exploration
opportunities, including in our core hub areas on the Norwegian Continental
Shelf have been rewarded by the Ministry of Energy. Vår Energi is a leading
explorer on the NCS with an exploration success rate of about 50% over the last
five years. We are increasing our exploration activity in the coming years and
plan to drill around 20 exploration wells this year. Access to new acreage is
important for continuity in our exploration activities and for sustaining
production through existing infrastructure".

Vår Energi is one of the fastest growing oil and gas companies in the world and
a major gas supplier to the European market. Access to exploration acreage and a
predictable licencing policy is key to secure further investments, activities
and value creation on the NCS.

Vår Energi is offered 9 licences in the North Sea, 6 licences in the Norwegian
Sea, and 1 in the Barents Sea.

Contact

Investor relations
Ida Marie Fjellheim, VP Investor Relations
+47 905 09 291
ida.fjellheim@varenergi.no

Media
Liv Jannie Omdal
VP Communications
+47976 67 137
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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