Vår Energi ASA $VAR (+0,35 %) publishes the annual report on the company's reserves for 2025, showing proven and probable reserves (2P) and contingent resources (2C) of approximately 2.2 billion barrels of oil equivalent (boe).

"2025 was a year of change for Vår Energi. We are pleased to have not only achieved significant production growth, but also to have further expanded our reserves and resource base. Total reserves and resources amount to 2.2 billion boe, with a 2P reserve replacement ratio¹ of 185% for the year and 174% on a three-year average. The lifetime of the reserves and resources² is around 17 years. This is a solid foundation to achieve higher production and value in the long term and we are working hard to realize a number of attractive projects to take advantage of this opportunity," says CEO Nick Walker.

In 2025, Vår Energi started production from nine new projects as planned and approved ten new development projects.

The company continues to implement initiatives to increase production from producing fields through additional infill drilling.

The approval of new development projects and the extension of the life of existing fields are the main reasons for the increased net reserve estimates.

Total 2P reserves as at December 31, 2025 amounted to 1,294 million boe (mmboe).

In addition, the significant 2C resources are an essential part of Vår Energi's strategy to create future value.

As of December 31, 2025, the total 2C resources amount to 865 mmboe, which is a slight decrease compared to 2024 as projects move into implementation.

Exploration successes and technical revisions contribute positively as the company actively mitigates risks and transfers discovered resources to new development projects.

Based on the combined 2P reserves and 2C resources, the resource replacement ratio³ for the year is 136% and the three-year average is 279%.

The 2P reserves and 2C resources at the end of 2025 correspond to the Petroleum Resources Management System (PRMS). International petroleum consultants DeGolyer and MacNaughton have conducted an independent evaluation of Vår Energi's portfolio of reserves in accordance with PRMS as of December 31, 2025.

Vår Energi ASA $VAR (+0,35 %) will publish its financial report for the fourth quarter of 2025 on February 10.

Today, the company is providing updated information on production, sales volumes and other relevant points.

Vår Energi's net production of oil, liquids and natural gas averaged 397 thousand barrels of oil equivalent per day (kboepd) in the fourth quarter of 2025, an increase of 7% compared to the third quarter and an increase of 43% compared to the fourth quarter of 2024.

Total production for the year as a whole averaged 332 kboepd, which is within the range forecast for the year.

The operational issues at Johan Castberg and Jotun FPSO reported in December were resolved in early January and production is now back to the expected level.

The production split in the fourth quarter was 71% oil and NGL (liquids) and 29% gas.

The total production volume amounted to 36.6 million barrels of oil equivalent (mmboe), while the sales volume in the quarter was 35.3 mmboe. The shortfall is mainly due to the timing of LNG deliveries in the quarter.

Vår Energi achieved an average realized price (volume weighted) of USD 62 per boe in the quarter.

The realized crude oil price was USD 63 per barrel.

The realized gas price of USD 63 per boe is around USD 4 above the average reference price on the spot market.

Fixed-price contracts accounted for around 15 % of the gas volumes sold in the fourth quarter, at an average price of USD 75 per boe.

》Other items《

Vår Energi's functional currency is NOK, while interest-bearing loans are denominated in USD and EUR. The weakening of the NOK in the fourth quarter of 2025 resulted in a net exchange rate loss of around USD 40 million.

Due to the company's history of mergers and acquisitions, Vår Energi has several assets that are measured at fair value in the balance sheet. Changes in assumptions, cost and production profiles can lead to impairment losses and reversals of impairment losses.

The non-cash impairment of technical goodwill in the fourth quarter is estimated at around USD 70 million before tax (around USD 70 million after tax) and is related to Njord Area, Gjøa and Snorre.

An adjustment following a revaluation process at Snorre, which reduced Vår Energi's equity share from 18.55% to 18.16%, accounts for most of the impairment in the quarter.

The net impairment for the full year amounted to USD 26 million after tax.

As previously disclosed, the following items impacted free cash flow in the fourth quarter:

3 cash tax payments totaling approximately NOK 8.2 billion (approximately USD 820 million) and a third quarter dividend payment of USD 300 million paid in November.

In addition, the company paid around USD 180 million in the quarter in connection with the acquisition of TotalEnergies' stake in the "Ekofisk Previously Produced Fields" project. This includes a cash payment of USD 147 million and a cash settlement payment for costs incurred in the period from January 1, 2025.

The above information is based on a preliminary assessment of the Company's financial results for the fourth quarter of 2025 and is subject to change until the financial statements are finally approved and published by the Company.

Vår Energi $VAR (+0,35 %) announces the completion of the appraisal well with two production tests on the Zagato structure in the Goliat Ridge field in the Barents Sea, confirming the quality of the reservoir and increasing the recoverable volumes.

confirmed the quality of the reservoir and increased the recoverable volumes.

The well was drilled approximately seven kilometers northeast of the Goliat field operated by Vår Energi. The production tests confirmed the good quality of the reservoirs and an oil quality similar to that of the Goliat field.

The most recent well tested two intervals, each with maximum flow rates of more than 4000 barrels of oil per day, confirming the quality of the reservoir.

confirming the quality of the reservoir.

Torger Rød, COO of Vår Energi, said:

This success reinforces our confidence in the potential of the Goliat Ridge discovery and we see an opportunity to add significant additional resources

as tie-back projects to Goliat. The recent discoveries reinforce Vår Energi's position as a leading exploration company on the Norwegian Continental Shelf (NCS) and further strengthen our ability to sustain high-quality production of 350-400 thousand barrels of oil equivalent per day beyond 2030.

Vår Energi and its license partner Equinor $EQNR (+1 %) have drilled a total of five wells and one sidetrack well in the area. Including the latest well, the Goliat Ridge

is estimated to contain a total of 35 to 138 million barrels of oil equivalent (mmboe) of discovered recoverable resources, with additional potential resources increasing the total potential to over 200 mmboe.

A tie-in to the nearby Goliat FPSO is planned, with first production targeted for 2029.

production is targeted for 2029.

Vår Energi was recently awarded a license for an area adjacent to the Goliat field as part of the 2025 Awards in Predefined Areas (APA), which provides

additional prospects in line with the Goliat Ridge discovery.

Vår Energi ASA $VAR (+0,35 %) receives 14 new production licenses on the Norwegian Continental Shelf (NCS) as part of the 2025 Awards in Predefined Areas (APA) for mature areas, 6 of which as operator.

Vår Energi is a major oil and gas supplier to the European market, and continued access to new exploration areas is the basis for further growth and value creation.

Vår Energi is awarded four licenses in the North Sea, six licenses in the Norwegian Sea and four licenses in the Barents Sea - most of the licenses are located close to existing infrastructure and thus support the company's hub strategy.

The award was announced today by the Norwegian Ministry of Energy.

Torger Rød, COO of Vår Energi:

"The award of licenses in all our key areas on the Norwegian Continental Shelf in line with our priorities is a strong endorsement of Vår Energi's role as a responsible and trustworthy operator. Continued access to new exploration areas is essential to maintain our long-term position as a reliable energy supplier in an increasingly uncertain world. We are building a diversified portfolio and further strengthening our position as a leading operator. All licenses granted support our long-term growth strategy and ensure continuity in realizing opportunities and creating value."

The Norwegian oil and gas company Vår Energi $VAR (+0,35 %) has commissioned the Balder Phase V project and at the same time completed the Åsgard Low Pressure Production Phase 3 (LPP3) project, thereby expanding its production in the North Sea.

With the launch of the Åsgard LPP3 project planned for December, the company has fulfilled its commitment to complete nine out of nine growth projects in 2025, marking a year of transformative progress for Vår Energi.

Production has increased from an average of 280,000 barrels of oil equivalent (kboepd) in 2024 to around 430 kboepd today, underlining our commitment to growth and value creation.

The development projects realized in 2025 are Halten East, Johan Castberg, Balder Jotun FPSO, Ormen Lange Phase 3, Snøhvit Askeladd Vest, Gjøa Low Pressure Project, Åsgard Subsea Compression Phase 2, Balder Phase V and Åsgard LPP3, with the Halten East, Balder and Johan Castberg projects making the largest contribution to growth.

At peak, the nine projects will contribute net production of around 180 kboepd and have developed 390 million barrels of oil equivalent (mmboe) of net proved and probable (2P) reserves, strengthening Vår Energi's position as the leading producer on the Norwegian Continental Shelf (NCS).

The addition of low-cost barrels has reduced the company's operating costs to around USD 10 per boe, a level that is expected to be maintained in the future.

Vår Energi is the operator of the Balder field with a 90% interest and Kistos Energy Norway is a partner with a 10% interest.

"Completing all nine projects on schedule this year is a great success for Vår Energi. This success has led to transformative growth, brought production to record levels and significantly improved the company's prospects. We are on track to maintain production at 350 to 400 kboepd through 2030 and beyond, and we have never been in a stronger position to create long-term value for our shareholders," said Nick Walker, CEO of Vår Energi.

...and so I would also like to look back in conclusion...

...after many personal ups and downs this year, everything turned out well after all.

In addition to the idea of getting married, as many people already know, I was torn out of life by cancer in the middle of the year. A long operation, since then a constant fight back to life, always at the limit, but at the end of the year the certainty that things will continue to improve and that I will remain free of cancer.

It's just a shame that the surgery was exactly 2 weeks before my final IHK exam (tax law) on the way to becoming a financial accountant, but postponed is not canceled and so I will tackle this project again in 2026.

But I would like to thank you again for the kind wishes for recovery and encouragement before and after the surgery, you are just meeegggaaa 🫶

But let's move on to the final figures for 2025:

The 28 was then also cracked on the last meters of this year and so overall I am almost in the middle of my 2nd forecast increase 💪🏻

Even if the path to the first 100k still seems a long one, it is the right path and, as we all know, that is the constantly growing goal.

In terms of dividends, I was also right on target and it's hard to believe that these also help to generate further sustainable growth 🤫😅

Now most people will be beating their hands over their heads and singing the performance song, but well, as you know, I approach things a little differently.

That's why I'm looking forward to breaking at least the 2k net dividend in 2026, despite my low volume 🥳

And despite this fact, I don't think the performance is bad at all 🤷🏻‍♂️🤗

》Top 5 of 14《

$3750 (-0,89 %) +51,37% (+51,56%)

$HSBA (+2,44 %) +35,01% (+39,07%)

$BATS (+0,91 %) +34,53% (+91,90%)

$RIO (+0,85 %) +20,55% (+28,69%)

$HAUTO (+2,33 %) +15,83% (+26,19%)

》Flop 5 of 14《

$1211 (-0,8 %) -11,51% (-11,49%)

$YYYY (-0,77 %) -5,23% (+1,45%)

$ASWM (+0,24 %) -2,36% (-2,36%)

$DTE (+0,35 %) -1,70% (-1,70%)

$VAR (+0,35 %) -0,80% (+2,65%)

All in all, the long-term view also looks quite reasonable in my opinion...

...so I will continue to stick to my targets and strategy in 2026.

And so there's really nothing left for me to do but thank the entire Getquin team @kundenservice @christian and the entire community...you are simply MEGA 🫶

Wishing everyone a happy new year and everything priceless for 2026 💫🥳

Let's just pick up together in 2026 where we left off in 2025 👋🏻

#gemeinsammehrerreichen

Publication of $VAR (+0,35 %) from 22.12.2025

After the boss @SAUgut777 has also given instructions to regularly share the latest information about this company 😇😉I am happy to comply.

For anyone wondering why they are posting about this: $VAR (+0,35 %) is one of the largest suppliers of natural gas to the European market and plays its part in keeping many people's homes warm at Christmas. Not an overperformer and of course cyclical, but with the right purchase price a pleasant dividend payer, which I have now had in my portfolio for over 2 years and am fully invested in.

Sandnes, Norway, December 22, 2025: Vår Energi (OSE: VAR, "the Company") publishes an update to the full year 2025 production guidance, which is at the lower end of the previous guidance at 330 to 335 thousand barrels of oil equivalent per day (kboepd) due to recent operational challenges in the Johan Castberg and Balder fields.

At Johan Castberg, some problems with the offloading hose led to periods of reduced production in November and now again in December. In the Balder area, there has recently been a decline in production at the Jotun FPSO caused by operational interruptions following the recently started Balder Phase V project, which was connected to the FPSO. Both the Johan Castberg and Balder fields are expected to be back in production on the plateau by the end of December.

Vår Energi has started nine growth projects in 2025, achieving transformative production growth. The company's production potential, when all assets are producing, is in the range of 440 to 460 kboepd. The production forecast for the full year 2026 of around 400 kboepd remains unchanged.

Vår Energi $VAR (+0,35 %) is pleased to announce the successful launch of Balder Phase V and the completion of Åsgard Low Pressure Production Phase 3 (LPP3).

With the launch of the Åsgard LPP3 project planned for December, the company has fulfilled its commitment to complete nine out of nine growth projects in 2025, representing a year of transformative progress for Vår Energi.

Production has increased from an average of 280,000 barrels of oil equivalent (kboepd) in 2024 to around 430 kboepd today, underlining our commitment to growth and value creation.

CEO Nick Walker said:

"Completing all nine projects on time this year is a great achievement for Vår Energi. This success has led to transformative growth, bringing production to record levels and significantly improving the company's prospects. We are on track to maintain production at 350 to 400 kboepd through 2030 and beyond, and we have never been in a stronger position to create long-term value for our shareholders."

The development projects completed in 2025 are Halten East, Johan Castberg, Balder Jotun FPSO, Ormen Lange Phase 3, Snøhvit Askeladd Vest, Gjøa Low Pressure Project, Åsgard Subsea Compression Phase 2, Balder Phase V and Åsgard LPP3, with the Halten East, Balder and Johan Castberg projects contributing the most to growth.

At peak, the nine projects will contribute net production of around 180 kboepd and have developed 390 million barrels of oil equivalent (mmboe) of net proved and probable (2P) reserves, strengthening Vår Energi's position as a leading producer on the Norwegian Continental Shelf (NCS).

The addition of low-cost barrels has reduced the company's operating costs to around USD 10 per boe, a level that is expected to be maintained in the future.

Vår Energi ASA$VAR (+0,35 %) and

and its partners have approved the first follow-on development to extend plateau production

from the Johan Castberg field in the Barents Sea until 2030.

The Equinor $EQNR (+1 %) operated Johan Castberg license has made a final investment decision

for the Johan Castberg-Isflak development.

The partnership also plans to

six new Increased Oil Recovery (IOR) wells and a development of the Drivis-Tubåen discovery.

The projects bring total reserves of 27 million barrels of oil equivalent (mmboe) net to Vår Energi and have a strong break-even price

and a high return on investment.

The Isflak development is expected to commence production in the fourth quarter of 2028 and consists of two wells and a subsea template that will be tied back to the existing subsea infrastructure in the Johan Castberg field.

The second article on the refund of withholding tax on Norwegian shares. You can find the first part with instructions and preparations for registering with the Norwegian authorities here: , Quellensteuerrückerstattung Norwegen Teil 1 . Once again, please note that this application is only possible for tax residents in Germany.

As a placeholder $EQNR (+1 %) , $HAUTO (+2,33 %) , $VAR (+0,35 %) , $MOWI (+1,63 %) , $MPCC (+1,33 %) , $TEL (+0,93 %) , $AKRBP (-0,15 %) , $TOM (+1,86 %)

Open the start page Altinn – Start - the language to English and if you have activated the automatic Google translator you can even go to German - log in, go to International, then log in without social security number/D-number, enter user name and password and log in. To find the right form, enter RF_1534 in the search, then the form Request for refund of withholding tax on dividends will open. You have a kind of "menu field" on the left-hand side which you can use to switch to the individual pages of the form.

Fill in the two pages for the applicant. Don't forget the tax ID ( Tax Identification Number ), but this is a mandatory field anyway. In the large field Registered address in country of residence, enter only the street and house number.

You will now need the dividend vouchers showing the withholding tax deduction.

Then open the Dividends form. There you will see three lines for your entries, which can be expanded as required.

In principle, you must enter Yes in the first field for the question of stock exchange listing in Oslo. This is the case if the ISIN of your share begins with NO... . In the second field, enter the VPS number of the depositary of your shares. This is clearstream, the currently valid number is 153300000145. In some forums you can still find the old number beginning with 05. In the third field you enter the year for which you are applying for the refund, up to 5 years retroactively are possible. Then enter the ISIN of your share as you can see it on the dividend voucher and the name of the company according to the voucher. In the sixth field, enter the dividend payment in Norwegian kroner according to the receipt. The number formatting requires the decimal point to be entered as a period! Then enter the percentage tax deduction, in this case 25%. You can choose different percentages for the refund claim. Take 10% here! Even if it is tempting to enter the full 25%, it works but will be displayed as an error when the form is checked at the latest. Repeat the whole process until you have entered every single dividend statement. So do not add up the dividends from one year, each payment must be entered individually.

This is actually the main task if you have several shares from Norway in your custody account. Once this is done, continue to the payment details page. Under Account Type, click on Other account and enter Euro as the currency, unless you have a corresponding foreign currency account with your bank. Then enter the IBAN and, to be on the safe side, the BIC and the name of the bank.

If there is anything else you would like to say about the application, you have the opportunity to make a note at the bottom of the page.

That's almost it. At the top left above the form name, go to the menu item List - Forms and attachments. You can now upload all dividend statements here. Once again the important note: You can a maximum of 10 PDFs of 50 MB each attached. One PDF is the certificate of residence. If you still have more than 9 individual receipts, combine them into one PDF by company and attach it.

Done, click on check and if everything is ok the document will be sent and you will receive a confirmation in your account.

Finally, a few comments:

Pay attention to the time limit in the form, so that it doesn't end and you have to type in all the entries again from the beginning.

There are a few brokers in Germany who will do this work for you for a fee. There you would have to apply for advance exemption from withholding tax. According to my research, and also confirmed in writing, DKB definitely does this. However, this is only a partial exemption, i.e. this 10%. The remaining 15% must be reclaimed via the tax return.

You can apply directly to the Norwegian tax authorities free of charge.

If you would like to take the route I have described, then quickly obtain your certificate from the tax office and submit the application at the beginning of the new year. Experience has shown that the decision and the refund are possible within a short time. Later in the year, waiting times of at least 6 to 9 months are common. Fortunately, there is even interest on the amount to be refunded if the authorities take longer to process the application. The transfer of the refund may be subject to a fee at some banks, ask your broker how much this is.

I hope this has made you a little less afraid of the refund and if you have any questions, please use the comments function. Greetings from your grandpa 😉😇