Sandnes, Norway, 25 October 2023: Vår Energi ASA (OSE: VAR) has together with
the Goliat licence partner approved concept selection (DG2) for gas export from
Goliat to the Snøhvit pipeline for further transport to Hammerfest LNG.

The license partners are further maturing the project towards a final investment
decision (FID), expected second half 2024.

The gas from Goliat has since the start-up in 2016 been re-injected into the
reservoir. To ensure optimal oil production in the future a solution for
evacuation of gas from the reservoir is needed. This will contribute to
extending the field lifetime.

"The Barents Sea is one of the key hub areas and value creators for Vår Energi.
The region represents a major part of our future growth strategy. We are
operator for Goliat and have ownership in more than half of all the active
licenses, a 30% share in Johan Castberg and a 12% share in Snøhvit to be
included in the portfolio following the integration of Neptune Energy Norge.
With this decision we are one step closer to increasing the recovery from
Goliat" explains Torger Rød, COO in Vår Energi.

The Goliat gas project is also an important step in finding a wider area
solution for increased gas export capacity from the Barents Sea, currently being
evaluated by Gassco. Additional gas infrastructure with capacity to develop and
create value from existing and future discoveries is a key enabler for further
development of the Barents Sea. Vår Energi supports Gassco in the maturation of
an area solution for gas export, while in collaboration with other operators
continue to explore for further resources needed to substantiate increased
overall gas export capacity. The project will also contribute to positioning
Goliat as an area hub for oil and gas resources from discoveries and prospects
nearby.

"The Goliat gas export project is an important step to fulfil the Goliat PDO
requirements set by the Parliament. It will contribute to making Goliat more
attractive as a regional oil and gas hub for both Vår Energi and our partner
operated licences and to contribute to long term local ripple effects, and
secure employment and activity", Rød ends.

The Goliat, operated by Vår Energi (65%) with Equinor as partner (35%), is an
oil and gas field in the Barents Sea, located ca 80 km north west of Hammerfest.

Contact:

Investor Relations

Ida Marie Fjellheim, Head of IR

+47 90509291

ida.fjellheim@varenergi.no

Media relations

Andreas Wulff, Communication Manager

+47 92616759

andreas.wulff@varenergi.no

About Vår Energi

Vår Energi is a leading independent upstream oil and gas company on the
Norwegian continental shelf (NCS). We are committed to deliver a better future
through responsible value driven growth based on over 50 years of NCS
operations, a robust and diversified asset portfolio with ongoing development
projects, and a strong exploration track record. Our ambition is to be the
safest operator on the NCS, the partner of choice, an ESG leader with a tangible
plan to reduce emissions from our operations by 50% within 2030.

Vår Energi has around 1000 employees and equity stakes in 39 fields and the
company produced net 209 kboepd in the first nine months of 2023. We have our
headquarters outside Stavanger, Norway, with offices in Oslo and Hammerfest. To
learn more, please visit varenergi.no.