Vår Energi ASA strengthens its position in the Gjøa area and extends field life through an asset exchange with Equinor

30 Jun 2026 08:00 CEST

Sandnes, Norway, 30 June 2026: Vår Energi ASA (OSE: VAR, "Vår Energi") has
entered into an agreement with Equinor Energy AS ("Equinor") for an asset
exchange on the Norwegian Continental Shelf (NCS), strengthening its position
around the Gjøa area and supporting the extension of the field's economic
lifetime.

Under the agreement, Vår Energi will acquire a 32.5% interest in the Peon
discovery (PL269, PL318/B/C/D), with the plan to tie it back to the Gjøa
facilities. As a part of the transaction Equinor will transfer the operatorship
to Vår Energi[1]. Vår Energi will divest a 5% interest in the Fram field
(PL090/PL090E/PL090I), including 40% of the Mulder discovery, contingent on
carve-out of the field. Vår Energi will also divest its 5% interest in the
Grosbeak discovery (PL090JS/ PL925).

Peon is one of the largest undeveloped gas discoveries on the NCS with estimated
gross recoverable resources of 105 to 195 million barrels of oil equivalent, and
is located approximately 60 kilometers northwest of the Vår Energi operated Gjøa
field. The development of Peon as a tie-back to Gjøa is expected to contribute
to extending the economic lifetime of the Gjøa hub to around 2045. The
transaction will have limited impact on near-term production, while adding
production from around 2030 as Peon is brought on stream, supporting Vår
Energi's long-term production target of above 400 thousand barrels of oil
equivalent per day.

Nick Walker, CEO of Vår Energi, comments:

"This transaction strengthens our position in the Gjøa area, one of our key
operated hubs, and supports our strategy of continuously high-grading the
portfolio. By increasing our ownership and becoming operator of the Peon
discovery, we add material resources and position Vår Energi to deliver long
-term value from existing infrastructure. Together with the Gjøa Subsea
Projects, where we announced final investment decision last week, this supports
continued development of the area and extends the lifetime of the Gjøa hub."

Completion of the transaction is subject to customary approvals.

1. Transfer of operatorship is subject to Ministry of Energy approval

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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