Vår Energi delivers successful well test results at the Goliat Ridge

16 Jan 2026 08:17 CET

Sandnes, Norway, 16 January 2026: Vår Energi (OSE: VAR, "the Company")
announces the completion of the appraisal well with two production tests on the
Zagato structure in the Goliat Ridge discovery in the Barents Sea, confirming
reservoir quality and adding recoverable volumes.

The well was drilled approximately seven kilometers northeast of the Vår Energi
operated Goliat field. The production tests confirmed
good quality reservoirs and oil quality similar to the Goliat field.

The latest well tested two intervals with
each showing maximum flow rates of more than 4000 barrels of oil per day,
confirming reservoir quality.

Vår Energi COO, Torger Rød said:

This achievement strengthens our confidence in the potential of the Goliat Ridge
discovery, and we see an opportunity to unlock significant additional resources
as tie-back projects to Goliat. The recent discoveries reinforce Vår Energi's
position as a leading exploration company on the Norwegian Continental Shelf
(NCS) and continue to strengthen our ability to sustain high value production of
350-400 thousand barrels of oil equivalents per day beyond 2030.

Vår Energi and licence partner Equinor have drilled a total of five wells and
one side track in the area. Including the latest well, the Goliat Ridge is
estimated to contain gross discovered recoverable resources of 35 to 138
million barrels of oil equivalents (mmboe), and with additional prospective
resources taking the total gross potential to over 200 mmboe.

A tie-back to the nearby Goliat FPSO is being planned, targeting first
production in 2029.

Vår Energi was recently awarded an adjacent licence to the Goliat field
in the 2025 Awards in Predefined Areas (APA), which offers
additional prospectivity on trend with the Goliat Ridge discovery.

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

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

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