Vår Energi ASA: Notice of conditional full redemption of notes

Sandnes, Norway, 15 September 2026: Vår Energi ASA (OSE: VAR, the "Company") has today issued a notice of conditional full redemption in respect of its USD 500 million 5.000% Senior Notes due 2027 (the "Notes"), which are admitted to trading on the regulated market of the Luxembourg Stock Exchange. Subject to the conditions set out in the notice being satisfied, the Company will redeem all outstanding Notes on 25 September 2026.

The notice of conditional full redemption is attached to this announcement and will also be made available in accordance with the requirements applicable to the Notes.

For further information, please contact:

Investor relations

Ida Marie Fjellheim, VP Investor Relations

+47 90509291

ida.fjellheim@varenergi.no

Treasury

Rune Dreiem, SVP Finance and Treasury

+47 41085958

rune.dreiem@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.

Cautionary Statements

This press release is for information purposes only and does not constitute a prospectus or any offer to sell or the solicitation of an offer to buy any security in the United States of America or in any other jurisdiction. This announcement is not for public release, publication or distribution, directly or indirectly, in or into the United States (including its territories and possessions, any state of the United States and the District of Columbia), except to "qualified institutional buyers" ("QIBs") as defined in Rule 144A under the U.S. Securities Act of 1933, as amended (the "Securities Act"). This announcement does not constitute or form a part of any offer of, or solicitation to purchase or subscribe for, any securities in the United States. Any such securities have not been, and will not be, registered under the Securities Act.

Any such securities may not be offered or sold in the United States, except that the securities may be offered for sale in the United States to QIBs in reliance on the exemption from registration under Rule 144A. No public offering of securities will be made in the United States or in any other jurisdiction where such an offering is restricted or prohibited.

This announcement is directed only at persons (i) outside the United Kingdom;

(ii) that have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); (iii) falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations etc.") of the Order or (iv) to whom this announcement may otherwise be directed without contravention of Section 21 of the Financial Services and Markets Act 2000 (all such persons together being referred to as "relevant persons"). This announcement must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with relevant persons.

In member states of the European Economic Area ("EEA"), this announcement is directed only at persons who are "qualified investors" under Regulation (EU) 2017/1129, as amended.

In the United Kingdom, this announcement is directed only at persons who are "qualified investors" as defined in paragraph 15 of Schedule 1 to the Public Offers and Admissions to Trading Regulations 2024 ("POATRS").

MiFID II professionals/ECPs-only / No PRIIPs KID - Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in the EEA.

U.K. MiFIR product governance / Professional investors and ECPs only target market: Manufacturer target market is eligible counterparties and professional clients only.

This press release may include projections and other "forward-looking" statements within the meaning of applicable securities laws. Any such projections or statements reflect the current views of the Company about further events and financial performance. No assurances can be given that such events or performance will occur as projected and actual results may differ materially from these projections.

Neither the content of the Company's website nor any website accessible by hyperlinks on the Company's website is incorporated in, or forms part of, this announcement. The distribution of this announcement into certain jurisdictions may be restricted by law. Persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.