Vår Energi ASA

Regulatory Filings • Mar 2, 2023

Vår Energi ASA: Confirms oil discovery near Goliat in the Barents Sea

Vår Energi ASA: Confirms oil discovery near Goliat in the Barents Sea

Sandnes, Norway, 2 March 2023: Vår Energi ASA (OSE: VAR) confirms discovery of

oil in the operated 7122/8-1S Countach well in production licence PL229

(Goliat), northwest of Hammerfest, including updated volume estimates. The well

was drilled in one of the segments that form the Countach prospect. Preliminary

estimates place the size of the discovery in the tested segment between 0,5 -

2,1 million Sm[3] (3-13 million bbls) of total recoverable oil equivalents. The

potential of the Countach prospect, in the undrilled segments, is estimated at

up to 3,7 million Sm[3] (23 million bbls) of total recoverable oil equivalents.

The well will now be permanently plugged and abandoned, and the licensees will

evaluate drilling an appraisal well in the future.

"Countach reinforces the company's position as the leading exploration company

on the Norwegian shelf. This discovery is yet another in a series of successful

exploration wells in the Barents Sea in recent years, including Lupa - the

largest discovery on the Norwegian shelf in 2022. At the same time, the

discovery confirms our exploration strategy and our position in the area. We

will consider potential commercial development options and tie-in of the

discovery to Goliat FPSO. Due to late arrival of the drilling rig on the field

this winter, we have not been able to carry out the planned sidetrack before the

environmental drilling restrictions commence on 1 March. We look forward to

continuing to explore the area around Goliat at a later point in time," says

Rune Oldervoll, EVP Exploration and Production in Vår Energi.

The Countach well was drilled about 13 kilometres northeast of the Goliat field

in the southern part of the Barents Sea and 91 km from Hammerfest.

The well was drilled to a measured depth of 2958 metres and oil was encountered

in the Realgrunnen and Kobbe formations. Extensive data has been collected for

further assessment. The well will now be permanently plugged and abandoned.

Vår Energi is the operator with an ownership interest of 65%, while Equinor owns

the remaining 35%.

Contact

Investor relations

Ida Marie Fjellheim, Head of Investor Relations

+47 90509291

ida.fjellheim@varenergi.no

Media relations

Andreas Wulff, Communication Manager

+47 92616759

andreas.wulff@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. 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 220,000 boe per day in 2022. We have our headquarters outside Stavanger,

Norway, with offices in Oslo and Hammerfest. To learn more, please visit

varenergi.no.