Vår Energi ASA sanctions Balder Next New Wells project to support long-term production from the Balder area

18 Jun 2026 07:00 CEST

Sandnes, Norway, 18 June 2026: Vår Energi ASA (OSE: VAR, "Vår Energi") has taken
final investment decision (FID) on the Balder Next New Wells project in the
North Sea, progressing the next phase of development in the Balder area and
supporting the Company's long-term production target

"This project demonstrates our ability to mature and execute a portfolio of high
-quality developments, excellent resource management, supporting production
growth and long-term value creation. The Balder area is a key hub in our
portfolio, and the Balder Next New Wells project will contribute to sustaining
production from the Jotun FPSO and unlocking more resources over time," says
Torger Rød, COO, Vår Energi.

The project comprises a first phase development of seven new wells tied back to
the Jotun FPSO, with expected start-up in the fourth quarter of 2027. The
project will develop 86 million barrels of oil equivalent (mmboe) gross in
proved plus probable reserves, an increase from around 75 mmboe gross
communicated earlier this year, reflecting continued improvement of the project.
The project has strong economics, delivering high value, with a breakeven of
around USD 30 per boe and an internal rate of return of more than 35 percent.
The project is enabled by Vår Energi's project factory approach, combining
standardised solutions, pre-commitments and strategic partnerships to accelerate
execution and reduce time to market.

The Balder area is a core contributor to Vår Energi's production target of
delivering above 400 thousand barrels of oil equivalent per day long term.
Following the start-up last summer, the Jotun FPSO is enabling efficient tie
-back of new wells and continued value creation over time. The Balder Next New
Wells project forms part of the next phase of developments in the area and is
enabled by existing infrastructure and available capacity. The development also
supports the planned consolidation of infrastructure, including decommissioning
of the Balder FPU from 2028, reducing operating costs and emissions.

Vår Energi is operator (90%) of the Balder field, with Kistos Energy Norway AS
as partner (10%).

Contact

Investor relations
Ida Marie Fjellheim, VP Investor Relations
+47 905 09 291
ida.fjellheim@­varenergi.no (ida.fjellheim@%C2%ADvarenergi.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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