Sandnes, Norway, 30 June 2025: Vår Energi (OSE: VAR, the Company) together with partners Equinor and Petoro, announces a commercial oil discovery in the Equinor operated Drivis Tubåen prospect in the Barents Sea, adding to recent exploration success in the area. The discovery will be considered as a possible tie-in to the Johan Castberg facilities.

The preliminary gross recoverable resources are estimated to be between 9-15 million barrels of oil equivalent (mmboe). The well was drilled in the Drivis structure within the Johan Castberg field, as part of the plan to further develop the area.

COO Torger Rød in Vår Energi said:

"This discovery confirms the continued potential of the Johan Castberg area and demonstrates the value of our infrastructure-led exploration strategy. The newly started field has opened up several opportunities in the Barents Sea, a region that remains largely underexplored, but with a high resource potential. With production now at plateau levels and the Isflak development progressing toward sanctioning and start-up in 2028, we are well positioned to maintain high production at Johan Castberg towards 2030 and beyond."  

Vår Energi is a key player in the Barents Sea, and the Company is committed to continued exploration activity in the areas around Johan Castberg and Goliat together with Equinor.

The partners in Johan Castberg are operator Equinor (46.3%), Vår Energi (30%) and Petoro (23.7%).

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.

Safe and responsible operations are at the core of our strategy. Our ambition is to be the safest operator on the NCS, and to become carbon neutral in our net equity operational emissions by 2030.

Vår Energi has around 1400 employees and equity stakes in 42 producing fields. We have our headquarters outside Stavanger, Norway, with offices in Oslo, Hammerfest and Florø. To learn more, please visit varenergi.no.

Contact

Investor relations

Ida Marie Fjellheim, VP Investor Relations

+47 90509291

ida.fjellheim@varenergi.no

Media relations

Liv Jannie Omdal
VP Communications
+47 976 67 137
liv.omdal@varenergi.no