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.

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