Sandnes, Norway, 10 September 2025: Vår Energi ASA (OSE: VAR) announce that the
Jotun FPSO has reached peak production ahead of schedule. This marks a
significant milestone for the Company and the continued development of the
Balder field in the North Sea, adding high value barrels towards 2045 and
beyond.

The Jotun FPSO is now producing over 80 thousand barrels of oil equivalent per
day (kboepd) gross, on top of current production of around 30 kboepd gross
combined from the Balder Floating Production Unit (FPU) and Ringhorne
facilities. The Jotun FPSO was brought onstream on 22 June 2025.

Nick Walker, CEO of Vår Energi, said:

"The achievement of this key milestone is another important step in delivering
on Vår Energi's transformative production growth target in 2025. The rapid ramp
-up to peak production at the Jotun FPSO, alongside strong performance across
our portfolio, puts us on track to meet our production target of around 430
kboepd in the fourth quarter of this year. With the new facilities in the Balder
area designed to extend production beyond 2045 we are on track to create more
value from the area."

All 14 subsea production wells are now online and are on average producing in
line with expectations, and work is ongoing to further optimize the production
from Jotun FSPO. The Balder Phase V and VI projects are underway and will add
additional capacity, maintaining high production from the Balder area going
forward.

Vår Energi is operator (90%) of the Balder field, with Kistos Energy Norway AS
as partner (10%).

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). 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 1 400 employees and equity stakes in 42 producing fields.
We have our headquarters outside Stavanger, Norway, with offices in Oslo,
Hammerfest and Florø.