Sandnes, Norway, 16 December, 2025: Vår Energi ASA (OSE: VAR, "the Company") and
licence partners announce that the Previously Produced Fields (PPF) Project in
the Greater Ekofisk Area is sanctioned. The project will add high value barrels
from 2028 onwards and strengthen production life of the Greater Ekofisk Area.

The partners in the PPF Project, operated by ConocoPhillips Skandinavia AS, have
made a final investment decision on the PPF re-development project. The
project's capital commitment is approximately USD 0.7 billion net Vår
Energi and is expected to deliver 55 million barrels of oil equivalent (mmboe)
in net proved plus probable (2P) reserves.

The project aligns fully with Vår Energi's disciplined investment framework,
offering a rapid payback period, a competitive breakeven price below USD 35
per boe, and an expected return on investment exceeding 25%.

Vår Energi COO Torger Rød said:

"The PPF project is an important development that supports Vår
Energi's plan to sustain production of 350 to 400 thousand barrel of oil
equivalent per day (kboepd) towards 2030 and beyond. This reinforces
our focused strategy by consolidating our position in the Greater Ekofisk Area
and securing low-cost reserves with strong upside potential, enhancing long-term
value creation".

The project consists of the three previously produced fields Albuskjell and Vest
Ekofisk in licences PL018B/F and Tommeliten Gamma in licences PL044/D. This re
-development of the gas condensate fields is enabled through better well
placement and the use of horizontal well technology allowing for better
reservoir exposure and production rates, resulting in significantly increased
recoverable reserves.

The project consists of four new subsea templates and 11 production wells
tied back to the Ekofisk Complex. First production is planned towards the end
of 2028.

Rød added:

"Combining modern technologies with an entrepreneurial mindset enables
optimised recovery from the mature fields, strengthening production long term,
and to maximise asset value".

Vår Energi announced in October that it had acquired TotalEnergies' ownership
interest in the production licences PL018B/F, increasing its ownership
in these licences from around 12% to around 52%. This transaction is expected to
complete in December 2025.

Following the completion of the transaction Vår
Energi ownership in licences PL018B/F will be 52.28% and Vår Energi's interest
in licences PL044/D is 9.13%.

Contact

Investor relations
Ida Marie Fjellheim, VP Investor relations
+47 905 09 291
ida.fjellheim@varenergi.no

Media
Liv Jannie Omdal, VP Communications
+47 97667137
liv.omdal@varenergi.no?? (liv.omdal@varenergi.no%E2%80%AF%E2%80%AF)

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