Sandnes, Norway, 18 March 2024: Reference is made to the announcement made by Vår Energi ASA (OSE:VAR, "Vår Energi" or the "Company") on 31 January 2024 regarding the completion of the acquisition of Vår Energi Norge AS (formerly Neptune Energy Norge AS).

In order to simplify the corporate structure and to fulfill Norwegian regulatory requirements, the boards of directors of the Company and its now wholly owned subsidiary Vår Energi Norge AS have entered into a joint plan for an intra-group merger of the two entities. Pursuant to the terms of the merger plan, the merger will be structured as a simplified merger between a parent company and a wholly-owned subsidiary without merger consideration, and with the Company as the surviving and acquiring entity.

The merger plan will be registered with the Norwegian Register of Business Enterprises and made available on the Company's website. The shareholders of Vår Energi will also receive a written notification of the merger.

Subject to due and timely approvals and other conditions, completion of the merger is expected to occur around the end of the second quarter of 2024.

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 1300 employees and equity stakes in 47 producing fields. We have our headquarters outside Stavanger, Norway, with offices in Oslo, Hammerfest and Florø. To learn more, please visit www.varenergi.no

Contact

Investor relations

Ida Marie Fjellheim, Head of Investor Relations

+47 90509291

Ida.fjellheim@varenergi.no

Media relations

Andreas Wulff, VP Communications

+47 92616759

andreas.wulff@varenergi.no

Disclosure:
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.