Vår Energi (VAR) Investor presentation summary

Strategic growth and value creation

• Targeting to become the largest independent oil and gas producer in Europe, leveraging increased reserves and resources to 2.4 billion boe and higher production levels of ~450 kboepd for longer periods.

• Strengthened investment proposition with free cash flow potential of $8–13 billion and a long-term dividend policy, supported by increased free float and index weightings.

• Business resilience maintained with a free cash flow neutral point at ~$40/boe and a dividend capacity of 25–30% of CFFO after tax.

• Growth underpinned by recent and pending transactions, including BlueNord and Pandion, with completion targeted by end of 2026.

Expanding resource base and production outlook

• Resource base exceeds 3 billion boe, with over 50% yet to be developed and 30 early phase projects in the pipeline.

• Production outlook targets ~450 kboepd through improved recovery, projects in execution, early phase projects, exploration, and accretive M&A.

• Significant improvement in production forecast, with a 60% increase from 2023, driven by consistent exploration success and value-accretive M&A.

Operational excellence and technology

• Adoption of BEST initiatives, advanced technology, and AI to drive performance, optimize solutions, and strengthen collaboration.

• Focus on better seismic, faster modeling, digital twins, autonomous inspection, and predictive maintenance to optimize production.

• Modern well engineering, drilling automation, and remote operations centers implemented to increase efficiency and safety.