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10 August 2023

Vår Energi ASA: Shares allocated to primary insiders as part of the long-term incentive program

Sandnes, Norway, 10 August 2023: As part of Vår Energi ASA’s (OSE: VAR) long-term incentive (LTI) program for executive management, a total number of 207 708 shares at an average price of 31 NOK per share have been allocated. Under the program, the executive management can be awarded between 12.5-37.5% of their base salary in restricted shares. The CEO can be awarded between 15-45% of his base salary. The restricted shares have a vesting period of three years.

Details on individual allocation of shares to primary insiders is included in the attached notification of trading.

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 1000 employees and equity stakes in 39 fields and the company produced net 208,000 boe per day in first half of 2023. We have our headquarters outside Stavanger, Norway, with offices in Oslo and Hammerfest. 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

This information is subject to the disclosure requirements pursuant to regulation EU 596/2014 Article 19 and Section 5-12 the Norwegian Securities Trading Act.