Vår Energi ASA submits Plan for Development and Operations for the Gjøa Subsea Projects

25 Jun 2026 09:00 CEST

Sandnes, Norway, 25 June 2026: Vår Energi ASA (OSE: VAR, "Vår Energi") has taken
final investment decision (FID) on the Gjøa Subsea Projects in the North Sea.
Together with its partners, the Company has today submitted the Plan for
Development and Operations (PDO) for the Ofelia and Gjøa Nord developments to
the Ministry of Energy.

"The Gjøa Subsea Projects demonstrate how we continue to develop our core hubs
through efficient tie-back developments, leveraging existing infrastructure and
exploration success to create long term value. The project strengthens Gjøa as a
long-term production hub and supports our target to produce more than 400
thousand barrels of oil equivalent per day long-term," says Torger Rød, COO of
Vår Energi.

The Gjøa Subsea Projects, where Vår Energi is the operator, comprises
development of the Ofelia, Gjøa Nord and Cerisa discoveries as a coordinated
subsea development tied back to the Gjøa and Duva infrastructure. The project
represents the next phase of developments in the Gjøa area and supports the
Company's long-term production target. First production is expected from Cerisa
in the third quarter of 2027, followed by start-up from Ofelia and Gjøa Nord in
the second half of 2028. The project includes development of approximately 76
million barrels of oil equivalent gross and 27 million barrels of oil equivalent
net Vår Energi[1] in proved plus probable reserves. The project has strong
economics, in line with the Company's requirements for project sanctions, with a
breakeven below 35 USD per boe, and a rate of return well above 25%.

The Gjøa area is a core hub in Vår Energi's portfolio. The project contributes
to extending the economic lifetime of the area from the early 2030s to around
2040, while strengthening the basis for further tie-back developments and near
-field exploration. By increasing throughput for the Gjøa asset, the project is
expected to reduce unit production costs, improve the economics of existing
fields and support further resource development in the broader Gjøa area.
Through the recent acquisition of Pandion's assets and swap with DNO on the
Norwegian Continental Shelf, Vår Energi strengthened its position around the
Gjøa infrastructure, increasing ownership across producing assets and key
development projects, including the Gjøa Subsea Projects.

The Gjøa Subsea Projects are enabled by Vår Energi's project factory approach,
combining standardised solutions, coordinated execution and utilisation of
existing facilities to accelerate developments. The project will be executed
through a coordinated drilling and installation campaign, leveraging existing
supplier collaborations and partnerships, realising synergies and efficient
execution.

Vår Energi is the operator of the Gjøa Subsea Projects, and holds a working
interest of 40% in Ofelia[1], 30% in Gjøa Nord[1], and 30% in Cerisa,
respectively.

Partners:

· Ofelia (PL929): Pandion 20%, Harbour 20%, Aker BP 10%, DNO Norge AS 10%
· Gjøa Nord (PL153): Petoro 30%, Harbour 28%, OKEA 12%
· Cerisa (PL636): INPEX 30%, Orlen 30%, DNO Norge AS 10%

1. Excluding updated working interest in Ofelia and Gjøa following the
acquisition of Pandion's assets, and asset swap with DNO Norge AS

Contact

Investor relations

Ida Marie Fjellheim, VP Investor Relations

+47 90509291

ida.fjellheim@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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