Sustaining long term production with ten high quality project sanctions in 2025

18 Dec 2025 07:00 CET

Sandnes, Norway, 18 December 2025: Vår Energi (OSE: VAR, "the Company") is
progressing the portfolio of early-phase projects, sanctioning a total of ten
development projects this year. These developments form part of
the Company's early-phase portfolio of around 30 high quality projects. The
projects are adding high value barrels to sustain production of between 350 and
400 thousand barrels of oil equivalent per day (kboepd) towards 2030 and beyond.

The Company has recently sanctioned the Previously Produced Fields in the
Greater Ekofisk Area (PPF), Eldfisk North Extension, Mikkel Flow Conditioning
Unit (FCU), Johan Castberg Isflak and Increased Oil Recovery (IOR) projects and
the first phase of the Balder Next project¹. Final investment decisions on the
following projects were reached earlier this year: Balder Phase VI, Fram Sør,
Gudrun Low Pressure Project and Snorre Gas Export.

Nick Walker, CEO of Vår Energi, said:

"Sanctioning ten projects this year, up from eight targeted at the start of the
year, shows the pace at which we are delivering. We are moving from resources to
reserves faster, creating significant value for our shareholders and
underpinning our ability to sustain production at 350 to 400 kboepd towards 2030
and beyond. We have delivered transformational growth this year, the Company is
de-risked and we have never been in a stronger position. Adding these projects
with low-risk, high-returns and short pay-back time, we are strengthening the
outlook for delivering long term value".

In total, the ten sanctioned projects add significant proved plus probable
(2P) reserves of around 160 million barrels of oil equivalent (mmboe) net to Vår
Energi. The projects demonstrate strong economics, with
an average portfolio rate of return of above 30% and breakeven price
of around USD 30 per barrel.

[1]The first phase of the Balder Next project consists of the debottlenecking at
Jotun FPSO to increase production capacity and drilling of new production wells.
The next phase will include the decommissioning of the Balder Floating
Production Unit (FPU) and development of additional wells.

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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