Vår Energi ASA

Regulatory Filings • Dec 23, 2022

Vår Energi: Gas discovery in the Barents Sea

Vår Energi: Gas discovery in the Barents Sea

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