Vår Energi ASA strengthens its position in the Gjøa area and extends field life through an asset exchange with Equinor

Sandnes, Norway, 30 June 2026: Vår Energi ASA (OSE: VAR, "Vår Energi") has entered into an agreement with Equinor Energy AS ("Equinor") for an asset exchange on the Norwegian Continental Shelf (NCS), strengthening its position around the Gjøa area and supporting the extension of the field's economic lifetime.

Under the agreement, Vår Energi will acquire a 32.5% interest in the Peon discovery (PL269, PL318/B/C/D), with the plan to tie it back to the Gjøa facilities. As a part of the transaction Equinor will transfer the operatorship to Vår Energi[1]. Vår Energi will divest a 5% interest in the Fram field (PL090/PL090E/PL090I), including 40% of the Mulder discovery, contingent on carve-out of the field. Vår Energi will also divest its 5% interest in the Grosbeak discovery (PL090JS/ PL925).

Peon is one of the largest undeveloped gas discoveries on the NCS with estimated gross recoverable resources of 105 to 195 million barrels of oil equivalent, and is located approximately 60 kilometers northwest of the Vår Energi operated Gjøa field. The development of Peon as a tie-back to Gjøa is expected to contribute to extending the economic lifetime of the Gjøa hub to around 2045. The transaction will have limited impact on near-term production, while adding production from around 2030 as Peon is brought on stream, supporting Vår Energi's long-term production target of above 400 thousand barrels of oil equivalent per day.

Nick Walker, CEO of Vår Energi, comments:

"This transaction strengthens our position in the Gjøa area, one of our key operated hubs, and supports our strategy of continuously high-grading the portfolio. By increasing our ownership and becoming operator of the Peon discovery, we add material resources and position Vår Energi to deliver long -term value from existing infrastructure. Together with the Gjøa Subsea Projects, where we announced final investment decision last week, this supports continued development of the area and extends the lifetime of the Gjøa hub."

Completion of the transaction is subject to customary approvals.

1. Transfer of operatorship is subject to Ministry of Energy approval

Contact

Investor relations

Ida Marie Fjellheim, VP Investor Relations

+47 90509291

ida.fjellheim@varenergi.no

About Vår Energi

Vår Energi is a leading independent upstream oil and gas company on the Norwegian Continental Shelf (NCS). To learn more, please visit varenergi.no.