Vår Energi ASA (OSE: VAR) releases the Company’s Annual Statement of Reserves for 2024, reporting proved and probable (2P) reserves, plus contingent resources (2C) of approximately 2.1 billion barrels of oil equivalent (boe).

“We are pleased to have significantly expanded our reserves and resource base in 2024 to a total of 2.1 billion boe, with a 2P reserve replacement ratio¹ of an impressive ~300% for the year. This represents a strong foundation for long-term sustained production and value creation, and we are working at pace to mature a pipeline of new projects to realise these opportunities.” says CEO, Nick Walker.

2024 was characterised by solid production within the guided range, successful integration of Neptune Energy Norge AS, portfolio optimisation, and continuous initiatives to increase recovery from producing fields by drilling additional infill wells. Early phase development projects, life-time extensions of existing fields and inclusion of the Neptune assets are the main reasons for the increased net reserves estimates. Total 2P reserves as of 31 December 2024 are 1,187 million boe (mmboe) and the 2P reserve life² stands at around 12 years.

In addition, the significant volume of 2C resources represent a major part of Vår Energi’s strategy to sustain future production, value creation and attractive shareholder returns long term. As of 31 December 2024, total 2C resources are 927 mmboe, a significant increase from 628 mmboe at the end of 2023. This increase is due to several exploration successes and technical revisions as the Company is actively de-risking and progressing resources into new development projects.

The year-end 2024 2P reserves and 2C resources comply with the Petroleum Resources Management System (PRMS). International petroleum consultants DeGolyer and MacNaughton have carried out an independent assessment of Vår Energi’s portfolio containing reserves according to PRMS as of 31 December 2024.

1. Ratio of reserves added through revisions and/or acquisitions to productions for the period
2. Reserves life is an estimate of the number of years that the reserves will last based on current 2024 production rates

Attachments

• Vår Energi Annual statement of reserves 2024