Vår Energi (VAR) Pareto Securities' 33rd Annual Energy Conference presentation summary

Strategic growth and combination plans

• Announced combination with BlueNord to add strategic assets and strengthen position in Europe, targeting completion by end of 2026.

• Raised long-term production target to approximately 450 kboepd, enhancing resilience and cash generation.

• Will become the largest independent oil and gas producer in Europe with a broad licence portfolio and significant operated fields.

• Recent and pending acquisitions, including Pandion and BlueNord, support a successful growth journey and increased shareholder returns.

Resource base and project pipeline

• Combined resource base exceeds 3 billion boe, with over 50% yet to be developed and 16 projects in execution.

• Production outlook targets sustained output of ~450 kboepd through improved recovery, new projects, and accretive M&A.

• 16 high-value projects in execution with an average IRR of ~35% and breakeven at ~$30/boe.

• Early phase projects offer flexibility, targeting ~500 mmboe to be developed with >25% IRR and ~$35/boe breakeven.

• Exploration program aims to unlock future value, targeting ~200 mmboe in 2026 with a 50% success rate.

Operational excellence and sustainability

• Continuous improvement in safety, production efficiency, and carbon emissions intensity, with a target of carbon neutrality by 2030.

• Technology and AI drive well delivery, reducing time from discovery to production and increasing recoverable volumes.

• Operating costs trending toward a long-term target of ~$10/boe.