Vår Energi Q1 Average Net Production 299 Kboepd

Var Energi ASA VAR:

• FIRST QUARTER 2024 TRADING UPDATE

• NET PRODUCTION OF OIL, LIQUIDS AND NATURAL GAS AVERAGED 299 KBOEPD IN Q1 OF 2024, AN INCREASE OF 33% FROM Q4 OF 2023

• NCREASED PRODUCTION IN QUARTER REFLECTS VOLUMES FROM VÅR ENERGI NORGE AS

• PRODUCTION SPLIT IN Q1 WAS 63% OIL AND NGLS (LIQUIDS) AND 37% GAS

• AVERAGE REALISED PRICE (VOLUME-WEIGHTED) OF USD 75 PER BOE IN QUARTER

• WEAKENING OF NOK IN Q1 OF 2024 LED TO A NET UNREALISED (NON-CASH) EXCHANGE RATE LOSS OF APPROXIMATELY USD 185 MILLION