Vår Energi confirms oil in appraisal well near the Goliat field in the Barents Sea

13 Nov 2025 08:38 CET

Sandnes, Norway, 13 November 2025: Vår Energi (OSE: VAR, the Company) confirms
oil in the Zagato North appraisal well, located close to the Vår Energi operated
Goliat field in the Barents Sea.

The well located 10 kilometres north of the Goliat field encountered
hydrocarbons in the Realgrunnen and Klappmyss formations. Estimated gross
recoverable resources encountered by the well are up to 3 million barrels of oil
equivalent (mmboe).

Zagato North is part of the Goliat Ridge appraisal programme, including ongoing
drilling operations at the Goliat North well, followed by a planned side-track
and well test of the already drilled Zagato South well.

The full appraisal programme is expected to be completed by end 2025. Following
completion of the appraisal programme the company will assess the entire
potential of Goliat Ridge utilizing the extensive data acquisition combined with
the newly acquired 3D seismic data.

The Goliat Ridge is estimated to contain gross discovered resources of 36 to 103
mmboe and with additional prospective resources taking the total gross potential
to up to 200 mmboe. A tie-back of the Goliat Ridge discovery to the nearby
Goliat FPSO is being evaluated.

The partners in the licence are Vår Energi (operator, 65%) and Equinor (35%).

Contact

Investor relations
Ida Marie Fjellheim, VP Investor Relations
+47 905 09 291
ida.fjellheim@varenergi.no

Media
Liv Jannie Omdal, VP Communications
+47 97667137
liv.omdal@varenergi.no?? (liv.omdal@varenergi.no%E2%80%AF%E2%80%AF)

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