Vår Energi continues to grow the reserves and resource base in 2025

27 Jan 2026 07:00 CET

Sandnes, Norway, 27 January 2026: Vår Energi ASA (OSE: VAR, "the Company")
releases the Company's Annual Statement of Reserves for 2025, reporting proved
and probable (2P) reserves, plus contingent resources (2C) of approximately 2.2
billion barrels of oil equivalent (boe).

"2025 was a transformational year for Vår Energi. While having delivered
significant production growth, we are pleased to also continue to increase our
reserves and resource base. Total reserves plus resources stand at 2.2 billion
boe, with a 2P reserve replacement ratio¹ of 185% for the year and 174% on a 3
year average basis. The reserves and resource life[2] stands at around 17 years,
this represents a strong foundation for delivering higher production and value
for longer, and we are working at pace to deliver a pipeline of attractive
projects to realise this opportunity." says CEO, Nick Walker.

In 2025, Vår Energi commenced production from nine new projects in accordance
with plan, and sanctioned ten new development projects. The Company continues to
deliver on initiatives to increase recovery from producing fields by drilling
additional infill wells. The sanction of new development projects and life-time
extensions of existing fields are the main reasons for the increased net
reserves estimates. Total 2P reserves as of 31 December 2025 are 1,294 million
boe (mmboe).

In addition, the significant volume of 2C resources represent a major part of
Vår Energi's strategy to create future value. As of 31 December 2025, total 2C
resources are 865 mmboe, a slight reduction from 2024 as projects are moved into
execution. Exploration successes and technical revisions are positively
contributing, as the Company is actively de-risking and progressing discovered
resources into new development projects. On a combined 2P reserve and 2C
resource basis, the resource replacement ratio³ is 136% for the year and 279% on
a 3 year average basis.

The year-end 2025 2P reserves and 2C resources comply with the Petroleum
Resources Management System (PRMS). International petroleum consultants DeGolyer
and MacNaughton have carried out an independent assessment of Vår Energi's
portfolio containing reserves according to PRMS as of 31 December 2025.

Key figures
Total 2P reserves 1,294 mmboe
Total 2C resources 865 mmboe
Total reserves + resources (2P + 2C) 2,159 mmboe
2P reserve replacement ratio (2025)¹ 185 %
2P reserve replacement ratio (3-year average) 174 %
Resource replacement ratio (2P + 2C, 2025)³ 136 %
Resource replacement ratio (2P + 2C, 3-year average) 279 %
Reserve life 10.4 years
Reserve and resource life² 17.3 years

1. Ratio of reserves added through revisions and/or acquisitions to productions
for the period
2. Reserve and resource life is an estimate of the number of years that the
reserves and resources will last based on 2025 production rates
3. Ratio of reserves and resources added through revisions and/or acquisitions
to productions for the period

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.

Contact

Investor relations

Ida Marie Fjellheim

VP Investor Relations

+47 90509291

ida.fjellheim@varenergi.no

Media
Liv Jannie Omdal
VP Communications
+47976 67 137
liv.omdal@­varenergi.no (liv.omdal@%C2%ADvarenergi.no)

This information is subject to the disclosure requirements pursuant to
regulation EU 596/2014 Article 19 and Section 5-12 the Norwegian Securities
Trading Act.

More information:
Access the news on Oslo Bors NewsWeb site

664235_Var_Energi_Annual_Statement_of_Reserves_2025.pdf