Vår Energi makes its third oil discovery in a row in the Goliat Area

27 Feb 2025 08:26 CET

Sandnes, Norway 27 February 2025: Vår Energi ASA (OSE:VAR) announces an oil
discovery in the operated Zagato exploration well near the Goliat field in the
Barents Sea, adding to recent exploration success in the area.

The preliminary estimated gross recoverable resources encountered in the well
are between 15 to 43 million barrels of oil equivalent (mmboe). This comes in
addition to the Countach discoveries announced last year, and brings the total
gross estimated recoverable resources up to a high case reaching around 100
mmboe. The discoveries continue to demonstrate the potential of the Goliat
ridge, with estimated gross discovered and prospective recoverable resources
increased to above 200 mmboe.

COO Torger Rød in Vår Energi said:

"The Zagato discovery reinforces Vår Energi's position as a leading exploration
company on the Norwegian Continental Shelf (NCS). Close proximity to existing
infrastructure provides opportunity for a fast track, low emission, cost
-efficient development utilising available capacity at the Goliat FPSO, adding
high value barrels. With additional wells being drilled this year, we see an
opportunity to unlock significant additional resources as tie-back projects to
Goliat. The recent discoveries continue to strengthen Vår Energi's ability to
sustain high value production of 350-400 kboepd in the longer-term."

The Zagato discovery, is located 8 kilometres northeast of the Goliat FPSO, one
of Vår Energi's core areas on the NCS. The Goliat ridge consists of a series of
adjacent fault bounded prospects next to the Goliat field. The three wells
drilled so far on the Goliat ridge, Countach, Countach appraisal and Zagato,
have successfully discovered hydrocarbons in separate fault blocks, which
significantly de-risks the prospectivity in the undrilled areas. The good
quality reservoirs found in the exploration wells, are similar to those in the
producing Goliat field. To complete the remaining potential delineation and
accelerate the progress to development studies, a new 3D and a 4D seismic survey
will be acquired during summer 2025 accompanied by the drilling of two further
exploration/appraisal wells commencing around the end of the third quarter this
year.

The Countach appraisal and Zagato wells are part 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. After completing work at Zagato, the rig will be used to drill
infill wells at the Goliat field before returning to the Goliat ridge later this
year.

Vår Energi is the operator with 65% 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.

Safe and responsible operations are at the core of our strategy. Our ambition is
to be the safest operator on the NCS, and to become carbon neutral in our net
equity operational emissions by 2030.

Vår Energi has around 1400 employees and equity stakes in 40 producing fields.
We have our headquarters outside Stavanger, Norway, with offices in Oslo,
Hammerfest and Florø. To learn more, please visit varenergi.no.

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