All nine projects on stream by year-end - driving transformational growth in 2025

17 Dec 2025 07:00 CET

Sandnes, Norway, 17 December 2025: Vår Energi (OSE: VAR, "the Company") is
pleased to announce the successful start-up of Balder Phase V and the completion
of Åsgard Low Pressure Production Phase 3 (LPP3). With the Åsgard LPP3
project start-up scheduled for December, the Company has delivered on its
commitment to complete nine out of nine growth projects in 2025, marking a year
of transformational progress for Vår Energi.

Production has grown from an average of 280 thousand barrels of oil equivalent
(kboepd) in 2024 to around 430 kboepd today, demonstrating our commitment to
growth and value creation.

CEO Nick Walker said:

"Delivering all nine projects as promised this year is a major achievement for
Vår Energi. This success has driven transformational growth, taken production to
record levels, and significantly de-risked the outlook of the Company. We are on
target to sustain production at 350 to 400 kboepd towards 2030 and beyond, and
we've never been in a stronger position to create long-term value for our
shareholders".

The development projects delivered in 2025 are Halten East, Johan Castberg,
Balder Jotun FPSO, Ormen Lange Phase 3, Snøhvit Askeladd Vest, Gjøa Low Pressure
Project, Åsgard Subsea Compression Phase 2, Balder Phase V and Åsgard LPP3, with
the Halten East, Balder and Johan Castberg projects being the main contributors
to the growth.

At peak, the nine projects will contribute with around 180 kboepd net production
and have developed 390 million barrels of oil equivalent (mmboe) of net proved
plus probable (2P) reserves, reinforcing Vår Energi's position as a leading
producer on the Norwegian Continental Shelf (NCS). By adding low-cost barrels,
the Company's unit operating cost has been reduced to around USD 10 per boe, a
level which will be sustained going forward.

Contact

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

Media
Liv Jannie Omdal, VP Communications
+47 97667137
liv.omdal@varenergi.no?? (liv.omdal@varenergi.no%E2%80%AF%E2%80%AF)

About Vår Energi

Vår Energi is a leading independent upstream oil and gas company on the
Norwegian Continental Shelf (NCS). To learn more, please visit varenergi.no

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