Vår Energi reaches 400 kboepd production milestone ahead of schedule

26 Aug 2025 07:00 CEST

Sandnes, Norway, 26 August 2025: Vår Energi ASA (OSE: VAR) has achieved a
significant milestone  by reaching a production level of 400 thousand barrels of
oil equivalent per day (kboepd), ahead of schedule. The Company is also on track
to produce around 430 kboepd in the fourth quarter this year, delivering on its
strategy for transformative growth in 2025.

The higher than expected production level has been achieved as the Jotun FPSO at
the Balder field continues to ramp-up ahead of plan, with peak production
expected during September. In addition, other assets across the portfolio are
contributing with strong deliveries.

"This is a major achievement for the Company and a testament to the hard work
and dedication of the people in Vår Energi, our suppliers and partners. It
demonstrates the strength of our operational capabilities and the momentum we
are building as we continue to grow production. It is also a reflection of the
successful execution of our strategy to deliver long-term, sustainable value
creation for all our stakeholders." said Nick Walker, CEO of Vår Energi.

Vår Energi is delivering transformational growth in 2025, confirming its
position as a leading, pure play E&P company on the highly attractive Norwegian
Continental Shelf (NCS). The Company expects to achieve the mid-point of its
full-year production guidance of 330-360 kboepd and is on track to produce
around 430 kboepd in the fourth quarter of this year. Looking ahead, Vår Energi
is committed to sustain high value creation towards 2030 and beyond. The Company
aims to maintain production in the range of 350 to 400 kboepd over time,
supported by a robust portfolio of around 30 early-phase projects. Of these,
more than 10 projects are expected to reach final investment decision this year,
with four already sanctioned. In addition, Vår Energi continues to be one of the
most active explorers on the NCS with three commercial discoveries year to date.

The Company is delivering significant value creation through reduced costs, a
high quality and flexible investment program, and incremental improvements
throughout our operations. This provides resilience in a volatile business
environment, strong cash flow generation and strengthens our long-term
shareholder distribution capacity.

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
+47 905 09 291
ida.fjellheim@varenergi.no

Media relations

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

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