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8 February 2024

Vår Energi announces reserves plus resources of approximately 2 billion boe

Sandnes, Norway, 8 February 2024: Vår Energi ASA (OSE: VAR) releases the Company’s Annual Statement of Reserves for 2023 with proved plus probable (2P) reserves plus contingent resources (2C) for the combined Vår Energi ASA and Neptune Energy Norge AS (renamed to Vår Energi Norge AS) portfolio of approximately 2 billion barrels¹ of oil equivalent (boe).

“We are pleased to have completed the acquisition of Neptune Energy Norge on 31 January 2024. The deal adds scale, diversification, and longevity to Vår Energi’s portfolio while strengthening the Company’s position in existing hub areas. Vår Energi is the second largest independent E&P on the Norwegian Continental Shelf and as a combined Company we have around 2 billion boe of reserves plus resources, which is a strong foundation for long-term growth and sustained value creation” says CEO, Nick Walker.

2023 was characterised by solid production within the guided range, with several projects coming on-stream, portfolio optimisation, and continuous initiatives to increase recovery from producing fields by drilling additional infill wells. Total 2P reserves as of 31 December 2023 are 1,241 million boe (mmboe)¹.

In addition, a significant volume of 2C resources represents a major part of Vår Energi’s future strategy to sustain production and create value. As of 31 December 2023, total 2C resources are approximately 745 mmboe¹. The Company is actively de-risking and progressing these resources into new development projects.

The year-end 2023 pro-forma 2P reserves and 2C resources represent an approximate measure of the performance of the combined Vår Energi ASA and Vår Energi Norge AS. The evaluation of Vår Energi’s developed and undeveloped reserves comply with the Petroleum Resources Management System (PRMS). International petroleum consultants DeGolyer and MacNaughton carried out the PRMS assessment as of 31 December 2023 for Vår Energi’s assets. The Vår Energi Norge AS PRMS assessment was performed by ERC Equipoise Limited.

  1. Proforma figures including Vår Energi Norge AS. Excluding resources not considered to have commercial potential according to the PRMS definition.

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. Our ambition is to be the safest operator on the NCS, the partner of choice, an ESG leader with a tangible plan to reduce emissions from our operations by 50% within 2030.

Vår Energi has around 1,300 employees and equity stakes in 47 producing fields. We have our headquarters outside Stavanger, Norway, with offices in Oslo, Hammerfest and Florø. To learn more, please visit varenergi.no.

Contact

Investor relations

Ida Marie Fjellheim, Head of Investor Relations

+47 90509291

ida.fjellheim@varenergi.no

Media relations

Andreas Wulff, Communication Manager

+47 92616759

andreas.wulff@varenergi.no