Vår Energi confirms another oil discovery near the Goliat field in the Barents Sea

04 Dec 2025 08:36 CET

Sandnes, Norway, 4 December 2025: Vår Energi (OSE: VAR, the Company) confirms an
oil discovery in the Goliat North exploration well, located close to the Vår
Energi operated Goliat field in the Barents Sea.

The exploration well located five kilometres north of the Goliat field
encountered hydrocarbons in the Realgrunnen and Kobbe formations. Estimated
gross recoverable resources encountered are up to 5 million barrels of oil
equivalent (mmboe).

The Goliat North well forms an integral part of the Goliat Ridge appraisal
drilling programme. Vår Energi and partner Equinor will drill a total of four
wells in the Goliat Ridge, with the Zagato side track currently ongoing.
Following completion of the appraisal programme the Company will assess the
entire potential of Goliat Ridge utilising the extensive data acquisition
combined with the newly acquired 3D seismic data.

Including the latest discovery, the Goliat Ridge is estimated to contain gross
discovered resources of 39 to 108 mmboe and with additional prospective
resources taking the total gross potential to up to 200 mmboe. A tie-back of the
Goliat Ridge discoveries to the nearby Goliat FPSO is being planned.

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
+47 976 67 137
liv.omdal@varenergi.no?? (liv.omdal@varenergi.no%E2%80%AF%E2%80%AF)

About Vår Energi

Vår Energi is a leading independent upstream oil and gas company on the
Norwegian continental shelf (NCS). To learn more, please visit
varenergi.no (https://varenergi.no/no/)

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