Vår Energi ASA: Production update December 2025

22 Dec 2025 08:00 CET

Sandnes, Norway, 22 December 2025: Vår Energi (OSE: VAR, "the Company") is
providing an update on production guidance for full year 2025, which is updated
to be in the range 330 to 335 thousand barrels of oil equivalent per day
(kboepd) at the lower end of the previous guidance, due to recent operational
challenges at the Johan Castberg and the Balder fields.

At Johan Castberg, some issues with the offloading hose have led to periods of
reduced production in November and again now in December. In the Balder area,
there is recently experienced reduced production at the Jotun FPSO caused by
operational interruptions following the just started up Balder Phase V project
tied-in to the FPSO. Both the Johan Castberg and Balder fields are expected back
at plateau production by the end of December.

Vår Energi has started up nine growth projects during 2025, delivering
transformational production growth. The Company's production potential when all
assets are producing is in the range of 440 to 460 kboepd. Full year 2026
production guidance of around 400 kboepd remains unchanged.

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

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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