Sandnes, Norway, 11 December 2025 - Vår Energi ASA (OSE: VAR, "the Company") and
partners have sanctioned the first tie-in development to extend plateau
production from the Johan Castberg field in the Barents Sea towards 2030.

The Johan Castberg licence, operated by Equinor, has made a final investment
decision for the Johan Castberg Isflak Development. The partnership is also
planning six new Increased Oil Recovery (IOR) wells and a development of the
Drivis Tubåen discovery. The projects add  total reserves of 27 million barrels
of oil equivalent (mmboe) net Vår Energi, and demonstrate strong breakeven price
and return on investment.

The Isflak development is expected to start production in the fourth quarter
2028 and consist of two wells and a subsea template, which will be connected to
the existing subsea infrastructure in the Johan Castberg field.

Vår Energi COO Torger Rød said:

"The projects underline the Barents Sea's potential and marks an important step
in Vår Energi's plan to sustain production of 350 to 400 thousand barrels of oil
equivalent per day (kboepd) towards 2030 and beyond. The development leverages
existing infrastructure to secure Johan Castberg plateau production for years to
come, strengthening our position in the region and reaffirming our long-term
commitment to value creation".

The Johan Castberg field started up in March 2025 and reached plateau production
in June. With a 30% equity share Vår Energi now produces 66 kboepd net from the
field, which corresponds to around 15% of the Company's current production. The
operating costs of Johan Castberg is below USD 3 per boe.

With multiple discoveries and prospects that can be developed to maximise
production over time, the area offers large potential. The plan is to drill one
to two exploration targets each year, with four identified prospects already
lined up for 2026 and 2027.

The Johan Castberg area holds a substantial resource potential, and the licence
is targeting to unlock more than one billion barrels over the asset's lifetime,
with opportunities to sustain plateau production towards 2030.

Partners in the Johan Castberg licence (PL532): Equinor (operator and 46.3%),
Vår Energi (30%) and Petoro (23.7%).

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 (https://varenergi.no/no/)