Vår Energi is one step closer to reaching its growth target as the production
vessel Johan Castberg successfully anchors at the field in the Barents Sea.

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The Equinor operated floating production and storage vessel (FPSO) Johan
Castberg is securely anchored on the field, and preparations for production
start-up in the fourth quarter 2024 are ongoing.

CEO in Vår Energi, Nick Walker, said:

"Vår Energi is one of the world's fastest growing E&P's, and a leading player in
the Barents Sea. With Johan Castberg in place at the field we are firmly on
track to achieving our production target of around 400 thousand barrels of oil
equivalent per day by end 2025.

Together with the licence partners we are working to further develop the area.
This includes, additional infill development wells, maturing five existing
discoveries to be tied back to Johan Castberg and plans for further exploration
activities in the coming years".

Vår Energi is stepping up activity in the Barents. Vice President Barents Sea in
Vår Energi, Vegard Bruaset said:

"Building on our unique experience as operator for the neighboring Goliat field,
we are set to capture new opportunities through exploration and development of
new discoveries in the area. We are accelerating our drilling activity and will
be participating in a total of 12 production and exploration wells in the
Barents Sea this year".

Johan Castberg, with a production capacity of 220 thousand barrels per day
reinforces the role of the Barents Sea as a major energy provider to Europe,
while creating value for all stakeholders, including major ripple effects in
northern Norway.

Johan Castberg is located 240 kilometres northwest of Hammerfest. The field has
a supply and helicopter base in Hammerfest.

Facts:

  · Johan Castberg is a large oil field with estimated recoverable volumes of
between 450 and 650 million barrels.
  · Johan Castberg is located in the Barents Sea, 100 kilometres northwest of
the Snøhvit field.
  · Johan Castberg consists of the three discoveries Skrugard, Havis and Drivis,
which were made between 2011 and 2013
  · The FPSO is 313 metres long, 55 metres wide and 120 metres high. Its design
storage capacity is 1.1 million barrels of oil.
  · Licencees: Equinor Energy AS (operator) 50%, Vår Energi ASA 30% and Petoro
AS 20%.

Photo: Lars Morken/Equinor

Contacts

Media
Liv Jannie Omdal, VP Communications
+47 97667137
Liv.omdal@varenergi.no