Vår Energi: Gas discovery in the Barents Sea

23 Dec 2022 08:35 CET

Sandnes, Norway, 23 December 2022: Vår Energi ASA (OSE: VAR), confirms discovery
of gas in the Vår Energi operated 7122/9-1 T2 (Lupa) well in the Goliat area,
Barents Sea.

Preliminary estimates of the size of the discovery are between 57-132 million
barrels of recoverable oil equivalent (9-21 billion Sm3 recoverable gas
resources).

Building on the successful 2021 exploration performance, Lupa brings the 2022
exploration success of Vår Energi to 57%. Three of the successful wells in 2022
were drilled in the Barents Sea.

The well confirms our hub-focused strategy says Rune Oldervoll, EVP Exploration
and production: "The Lupa discovery further strengthens our foothold in the
north. The discovery could serve as another step towards realising additional
gas infrastructure in the Barents Sea in the future. We have a long-term growth
strategy for the Barents Sea and will continue to chase new opportunities for
value creation".

Alessandro Barberis, VP Exploration, applauds the exploration team: "This is the
largest discovery on the shelf this year and comes as a Christmas gift. I want
to give credit to our highly skilled and dedicated exploration professionals,
continuing to perform, placing Vår Energi amongst the top explorers on the
Norwegian shelf".

The primary exploration target for the 7122/9-1 T2 Lupa well was to prove
hydrocarbons in the Havert formation of Triassic age. The well encountered a gas
column of 55 meters in sandstones with moderate to good reservoir quality. The
gas-water contact was not encountered in the well. The total depth was called in
the Ørret formation. Extensive data acquisition took place, including sampling,
and the discovery will now be further assessed and matured.

The Lupa well was drilled in PL229E by Transocean Enabler and will be
permanently plugged and abandoned. The rig will now move back to continue
drilling 7122/8-1S Countach in the PL229 licence.

Vår Energi holds a 50% stake in the PL229E license, with Aker BP (50%) making up
the rest of the JV.

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 and a net-zero
producer (Scope 1 and 2) by 2030.

Vår Energi has more than 900 employees and equity stakes in 36 fields producing
net 246,000 boe per day in 2021. We have our headquarters outside Stavanger,
Norway, with offices in Oslo and Hammerfest. To learn more, please visit
varenergi.no.

Contact

Media relations

Andreas Wulff, Communication Manager

+47 92616759

andreas.wulff@varenergi.no

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act

More information:
Access the news on Oslo Bors NewsWeb site