Vår Energi ASA: Confirms oil discovery near Goliat in the Barents Sea

02 Mar 2023 08:25 CET

Sandnes, Norway, 2 March 2023: Vår Energi ASA (OSE: VAR) confirms discovery of
oil in the operated 7122/8-1S Countach well in production licence PL229
(Goliat), northwest of Hammerfest, including updated volume estimates. The well
was drilled in one of the segments that form the Countach prospect. Preliminary
estimates place the size of the discovery in the tested segment between 0,5 -
2,1 million Sm[3] (3-13 million bbls) of total recoverable oil equivalents. The
potential of the Countach prospect, in the undrilled segments, is estimated at
up to 3,7 million Sm[3] (23 million bbls) of total recoverable oil equivalents.

The well will now be permanently plugged and abandoned, and the licensees will
evaluate drilling an appraisal well in the future.

"Countach reinforces the company's position as the leading exploration company
on the Norwegian shelf. This discovery is yet another in a series of successful
exploration wells in the Barents Sea in recent years, including Lupa - the
largest discovery on the Norwegian shelf in 2022. At the same time, the
discovery confirms our exploration strategy and our position in the area. We
will consider potential commercial development options and tie-in of the
discovery to Goliat FPSO. Due to late arrival of the drilling rig on the field
this winter, we have not been able to carry out the planned sidetrack before the
environmental drilling restrictions commence on 1 March. We look forward to
continuing to explore the area around Goliat at a later point in time," says
Rune Oldervoll, EVP Exploration and Production in Vår Energi.

The Countach well was drilled about 13 kilometres northeast of the Goliat field
in the southern part of the Barents Sea and 91 km from Hammerfest.

The well was drilled to a measured depth of 2958 metres and oil was encountered
in the Realgrunnen and Kobbe formations. Extensive data has been collected for
further assessment. The well will now be permanently plugged and abandoned.

Vår Energi is the operator with an ownership interest of 65%, while Equinor owns
the remaining 35%.

Contact

Investor relations

Ida Marie Fjellheim, Head of Investor Relations
+47 90509291
ida.fjellheim@varenergi.no

Media relations

Andreas Wulff, Communication Manager
+47 92616759
andreas.wulff@varenergi.no


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 36 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.

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