New oil discovery in the Barents Sea

09 Feb 2023 07:00 CET

Sandnes, Norway, 9 February 2023: Vår Energi ASA (OSE: VAR) confirms the
discovery of oil in the operated 7122/8-1S Countach well in PL229 (Goliat),
north-west of Hammerfest.

The well is currently drilled to 2958m measured depth and oil has been
encountered in the Realgrunnen and Kobbe formations. A sidetrack is planned to
better define the size of the discovery. Extensive data is being collected for
further assessment. Updated information about volume estimates will be released
in due course.

Vår Energi is the operator with a 65% equity share. Equinor holds the remaining
35%.

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 and a net-zero
producer (Scope 1 and 2) by 2030. Vår Energi has more than 900 employees and
equity stakes in 35 fields producing net 220,000 boe per day in 2022. We have
our headquarters outside Stavanger, Norway, with offices in Oslo and Hammerfest.
To learn more, please visit varenergi.no.

Contact

Investor relations

Ida Marie Fjellheim, Head of Investor Relations

+47 90509291

ida.fjellheim@varenergi.no

Media relations

Andreas Wulff, VP, Communication

+47 92616759

andreas.wulff@varenergi.no (andreas.wulff@varenergi.no?subject=V%C3%A5r%20Energi
%
20CMU%202023)

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

More information:
Access the news on Oslo Bors NewsWeb site

581772_Release.pdf