Oil discovery close to the Johan Castberg field in the Barents Sea

30 Jun 2025 08:30 CEST

Sandnes, Norway, 30 June 2025: Vår Energi (OSE: VAR, the Company) together with
partners Equinor and Petoro, announces a commercial oil discovery in the Equinor
operated Drivis Tubåen prospect in the Barents Sea, adding to recent exploration
success in the area. The discovery will be considered as a possible tie-in to
the Johan Castberg facilities.

The preliminary gross recoverable resources are estimated to be between 9-15
million barrels of oil equivalent (mmboe). The well was drilled in the Drivis
structure within the Johan Castberg field, as part of the plan to further
develop the area.

COO Torger Rød in Vår Energi said:

"This discovery confirms the continued potential of the Johan Castberg area and
demonstrates the value of our infrastructure-led exploration strategy. The newly
started field has opened up several opportunities in the Barents Sea, a region
that remains largely underexplored, but with a high resource potential. With
production now at plateau levels and the Isflak development progressing toward
sanctioning and start-up in 2028, we are well positioned to maintain high
production at Johan Castberg towards 2030 and beyond."

Vår Energi is a key player in the Barents Sea, and the Company is committed to
continued exploration activity in the areas around Johan Castberg and Goliat
together with Equinor.

The partners in Johan Castberg are operator Equinor (46.3%), Vår Energi (30%)
and Petoro (23.7%).

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.

Safe and responsible operations are at the core of our strategy. Our ambition is
to be the safest operator on the NCS, and to become carbon neutral in our net
equity operational emissions by 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. To learn more, please visit varenergi.no.

Contact

Investor relations

Ida Marie Fjellheim, VP Investor Relations

+47 90509291

ida.fjellheim@varenergi.no

Media relations

Liv Jannie Omdal
VP Communications
+47 976 67 137
liv.omdal@varenergi.no

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