Vår Energi reports significant reserves and resource base increase in 2024

28 Jan 2025 07:00 CET

Sandnes, Norway, 28 January 2025: Vår Energi ASA (OSE: VAR) releases the
Company's Annual Statement of Reserves for 2024, reporting proved and probable
(2P) reserves, plus contingent resources (2C) of approximately 2.1 billion
barrels of oil equivalent (boe).

"We are pleased to have significantly expanded our reserves and resource base in
2024 to a total of 2.1 billion boe, with a 2P reserve replacement ratio¹ of an
impressive ~300% for the year. This represents a strong foundation for long-term
sustained production and value creation, and we are working at pace to mature a
pipeline of new projects to realise these opportunities." says CEO, Nick Walker.

2024 was characterised by solid production within the guided range, successful
integration of Neptune Energy Norge AS, portfolio optimisation, and continuous
initiatives to increase recovery from producing fields by drilling additional
infill wells. Early phase development projects, life-time extensions of existing
fields and inclusion of the Neptune assets are the main reasons for the
increased net reserves estimates. Total 2P reserves as of 31 December 2024 are
1,187 million boe (mmboe) and the 2P reserve life² stands at around 12 years.

In addition, the significant volume of 2C resources represent a major part of
Vår Energi's strategy to sustain future production, value creation and
attractive shareholder returns long term. As of 31 December 2024, total 2C
resources are 927 mmboe, a significant increase from 628 mmboe at the end of
2023. This increase is due to several exploration successes and technical
revisions as the Company is actively de-risking and progressing resources into
new development projects.

The year-end 2024 2P reserves and 2C resources comply with the Petroleum
Resources Management System (PRMS). International petroleum consultants DeGolyer
and MacNaughton have carried out an independent assessment of Vår Energi's
portfolio containing reserves according to PRMS as of 31 December 2024.

1. Ratio of reserves added through revisions and/or acquisitions to productions
for the period
2. Reserves life is an estimate of the number of years that the reserves will
last based on current 2024 production rates

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 40 producing fields.
We have our headquarters outside Stavanger, Norway, with offices in Oslo,
Hammerfest and Florø. To learn more, please visit varenergi.no.

Contact

Investor relations

Ida Marie Fjellheim, VP Investor Relations

+47 90509291

ida.fjellheim@varenergi.no

Media
Liv Jannie Omdal
VP Communications
+47976 67 137
liv.omdal@­varenergi.no

This information is subject to the disclosure requirements pursuant to
regulation EU 596/2014 Article 19 and Section 5-12 the Norwegian Securities
Trading Act.

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637238_Var_Energi_Annual_Statement_of_Reserves_2024.pdf