NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR
INTO, THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA OR JAPAN OR ANY OTHER
JURISDICTION WHERE SUCH PUBLICATION, DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.
OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE "IMPORTANT INFORMATION" AT THE END
OF THE PRESS RELEASE.

Vår Energi ASA - End of stabilisation period and partial exercise of greenshoe
option

Sandnes, 17 March 2022: Reference is made to the stock exchange announcement
published by Vår Energi ASA ("Vår Energi" or the "Company", OSE ticker "VAR") on
16 February 2022, regarding the start of the stabilisation period in connection
with the initial public offering of shares in the Company (the "Offering" or the
"IPO"). 

SpareBank 1 Markets (the "Stabilisation Manager"), acting as stabilisation
manager in connection with the IPO on behalf of the Managers (as defined below),
hereby gives notice that the stabilisation period has ended. Stabilisation
activities have been undertaken on Oslo Børs between 16 February 2022 and 17
March 2022 (the "Stabilisation Period"). A total of 36,915,660 shares in the
Company have been purchased as part of the stabilisation activities. The shares
were purchased at a volume weighted average price of NOK 27.4623 per share and
within the daily price ranges set out in the attached stabilisation notice.

In order to permit redelivery of the 41,250,000 shares in the Company which were
borrowed from Eni S.p.A, through Eni International B.V. ("Eni") and HitecVision,
through Point Resources Holding AS ("HitecVision" and, together with Eni, the
"Selling Shareholders"), the Stabilisation Manager, on behalf of the Managers,
has in part exercised the greenshoe option to purchase shares in the Company
from the Selling Shareholders. In total 4,334,340 existing shares in the Company
will be purchased from the Selling Shareholders, of which 2,167,170 existing
shares will be sold by Eni and 2,167,170 existing shares will be sold by
HitecVision under the greenshoe option at a price of NOK 28 per share, equal to
the final offer price in the Offering. 

The shares purchased through stabilisation activities will be redelivered to Eni
and Hitecvision in accordance with the terms of an underwriting agreement.

DNB Markets, a part of DNB Bank ASA, J.P. Morgan SE, Morgan Stanley & Co.
International Plc and SpareBank 1 Markets AS have been engaged as Joint Global
Coordinators and Joint Bookrunners for the IPO (jointly, the "Joint Global
Coordinators"), and ABG Sundal Collier ASA, BofA Securities Europe SA, Carnegie
AS, Jefferies GmbH and Pareto Securities AS are acting as Joint Bookrunners
(jointly the "Managers"). 

Advokatfirmaet Schjødt AS is acting as Norwegian legal counsel to the Company
and Latham & Watkins (London) LLP is acting as international legal counsel to
the Company. Advokatfirmaet BAHR AS is acting as Norwegian legal counsel to the
Managers, and Linklaters LLP is acting as international legal counsel to the
Managers. Crux Advisers AS is acting as communications and investor relations
advisor.

For further information, please contact: 

Communication Manager
Andreas Wulff
+47 92616759
andreas.wulff@varenergi.no 

Investor relations
Ida Marie Fjellheim, Head of IR
+47 90509291
ida.fjellheim@varenergi.no

Vår Energi is 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 and a net-zero producer (Scope 1
and 2) by 2030.  
 
Vår Energi has more than 900 employees and equity stakes in 36 fields producing
net 247,000 boe per day in the third quarter of 2021. We have our headquarters
outside Stavanger, Norway, with offices In Oslo and Hammerfest. To learn more,
please visit varenergi.no.

Important Information 

This announcement is not an offer to sell or a solicitation of any offer to buy
any securities of Vår Energi ASA (the "Company"). The contents of this
announcement have been prepared by and are the sole responsibility of the
Company. The information contained in this announcement is for background
purposes only and does not purport to be full or complete. No reliance may be
placed by any person for any purpose on the information contained in this
announcement or its accuracy, fairness or completeness.

Copies of this announcement are not being made and may not be distributed or
sent into the United States of America, Australia, Canada or Japan or any other
jurisdiction in which such distribution would be unlawful or would require
registration or other measures.

Any offering of the securities referred to in this announcement will be made by
means of a prospectus. This announcement is not a prospectus for the purposes of
Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14
June 2017 on the prospectus to be published when securities are offered to the
public or admitted to trading on a regulated market, and repealing Directive
2003/71/EC (together with any related implementing and delegated regulations,
the "Prospectus Regulation"). Investors should not invest in any securities
referred to in this announcement except on the basis of information contained in
the aforementioned prospectus.

In any EEA Member State other than Norway, Sweden, Finland and Denmark, and in
the United Kingdom (each, a "Relevant State") this communication is only
addressed to and is only directed at qualified investors in that Relevant State
within the meaning of the Prospectus Regulation, i.e., only to investors who can
receive the offer without an approved prospectus in such Relevant State.

The securities referred to in this announcement have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), and accordingly may not be offered or sold in the United States absent
registration or an exemption from the registration requirements of the
Securities Act and in accordance with applicable U.S. state securities laws. The
Company does not intend to register any offering in the United States or to
conduct a public offering of securities in the United States.

Copies of this announcement are not being, and should not be, distributed in or
sent into the United States (including its territories and possessions, any
State of the United States and the District of Columbia), Australia, Canada or
Japan. The securities described herein have also not been and will not be
registered under the applicable securities laws of Australia, Canada or Japan
and, subject to certain exemptions, may not be offered or sold in or into or for
the account or benefit of any person having a registered address in, or located
or resident in Australia, Canada or Japan. There will be no public offering of
the securities described herein in Australia, Canada or Japan. 

This communication and any materials in relation to the securities described
herein are only being distributed to and is only directed at persons in the
United Kingdom that are qualified investors within the meaning of article 2(e)
of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the
European (Withdrawal) Act 2018 that also (i) have professional experience in
matters relating to investments falling within Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the
"Order")