Sandnes, Norway 29 December 2023: The sale of 12,2575 percent interest in the
Brage Field from Vår Energi ASA (OSE: VAR) to Petrolia NOCO AS (Petrolia), which
was announced on 6 October 2023 has been approved by the authorities and was
completed today.

Vår Energi CFO, Stefano Pujatti said:

"We are one of the fastest growing E&P companies in the world, doubling
production by end 2025. Portfolio optimization is part of our strategy for
further growth and long-term value creation. We are pleased with the Brage
transaction and will continue the process to identify opportunities to reduce
cost and enhance value creation"

The Brage field is a late life producing asset located in the North Sea,
operated by OKEA. The field started production in 1993 and comprises a
production, drilling and quarters platform with oil transportation via Oseberg
Transport system (OTS) to the Sture Terminal and gas offtake through Gassled.

Vår Energi's net production from the field was 1.5 kboepd in the first nine
months of 2023 and had remaining net reserves 1.9 mmboe at year end 2022.The
transaction does not impact the company's previously announced production
guidance.

Contact

Investor relations
Ida Marie Fjellheim, VP Investor Relations
+47 90509291
ida.fjellheim@varenergi.no

Media relations
Andreas Wulff, VP Communications
+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 40 fields and the
company produced net 209,000 boe per day 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.