New oil discovery near Goliat unlocks further potential in the Barents Sea

12 Dec 2024 08:01 CET

Sandnes, Norway 12 December 2024: Vår Energi ASA (OSE:VAR) confirms an oil
discovery in the operated Countach appraisal well near the Goliat field in the
Barents Sea. The preliminary estimated gross recoverable resources encountered
in the well are between 4 to 25 million barrels of oil equivalent (mmboe),
bringing the total estimated recoverable resources in the Countach discovery to
10 to 55 mmboe. The discovery confirms the potential of the Goliat ridge, where
additional gross prospective recoverable resources of over 100 mmboe will be
assessed with the planned drilling program in 2025.

The appraisal well was drilled following the Countach discovery of 3 to 13 mmboe
announced in 2023, which is located about 13 kilometres northeast of the Goliat
FPSO, and the results from the well increase the estimated gross recoverable
resources for the discovery to between 10 to 55 mmboe.  In addition to
encountering oil in the Kobbe formation with good reservoir quality, an oil
column of over 200 metres was encountered in the Klappmyss formation, which
despite being of poorer reservoir quality, opens new opportunities in the deeper
section of the Goliat ridge.  To assist further development of the Goliat area,
Vår Energi is planning to acquire new 3D and 4D seismic during 2025.

"It is very encouraging to discover oil close to the Goliat infrastructure and
we are excited about the potential additional opportunities presented in the
Goliat ridge. Three more wells are expected to be drilled in 2025, the Zagato
North, Zagato South and Goliat North wells, targeting similar opportunities in
the Goliat ridge between the Goliat field and the Countach discovery.  The
potential to unlock significant additional resources is considerable, with the
opportunity of being turned into high value barrels by utilising available
production capacity at the Goliat facility." Torger Rød, Vår Energi COO
comments.

Estimated additional gross prospective recoverable resources in the Goliat ridge
at the Zagato North, Zagato South and Goliat North prospects are estimated to
exceed 100 mmboe. In comparison, the original plan of development and operations
(PDO) for Goliat was based on total expected recoverable reserves of 176 million
barrels of oil, underlining the significance of the Goliat ridge opportunity.

 "The Countach discoveries reinforces Vår Energi's position as a leading
exploration company on the Norwegian Continental Shelf (NCS) and in the Barents
Sea. We are committed to further develop the Barents Sea as a strategically
important petroleum province" Mr. Rød adds.

The Barents Sea is believed to hold half of the remaining undiscovered resources
on the NCS. The Countach appraisal well is the first well of the planned two
-year drilling campaign in the Barents Sea, a collaboration effort with Equinor,
targeting both infill production and exploration wells. In total, Vår Energi
plans to drill around 20 exploration wells in the Barents Sea region over a four
-year period, as part of the Company's plan to sustain production at 350-400
thousand barrels of oil equivalent per day long term. After completing work at
Countach, a new exploration well is planned on the Elgol prospect, located   17
kilometres northeast of Goliat.

Vår Energi operates the licence with 65% of interest, while Equinor owns the
remaining 35%.

Contact

Investor relations

Ida Marie Fjellheim, VP Investor Relations

+47 90509291

ida.fjellheim@varenergi.no

Media relations

Liv Jannie Omdal, VP Communications

+4797667137

liv.omdal@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 with a tangible
plan to reduce emissions from our operations by more than 50% within 2030.

Vår Energi has around 1400 employees and equity stakes in 42 producing fields.
We have our headquarters outside Stavanger, Norway, with offices in Oslo,
Hammerfest and Florø.

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