Vår Energi ASA

Regulatory Filings • Jun 9, 2022

Oil and Gas discovery in the Barents Sea

Oil and Gas discovery in the Barents Sea

Vår Energi confirms discovery of oil and gas in the Equinor operated Skavl Stø

exploration well in the Johan Castberg area.

The primary exploration target for the 7220/8-3 Skavl Stø well was to prove

hydrocarbons in the Stø Formation of the Realgrunnen SubGroup. The well

encountered a hydrocarbon column of 46 meters with the gas/oil and oil/water

contacts proven within very good to good reservoir sandstones.

Preliminary estimates of the size of the discovery are between 6-10 million

barrels of recoverable oil equivalent. The discovery will be further assessed

and matured for a possible tie back to Johan Castberg.

The discovery is important to the area says Torger Rød, Vår Energi CEO:

"With the Skavl Stø discovery, the second exploration success of 2022, shortly

after the Snøfonn Nord discovery, Vår Energi further strengthened its position

in the Barents Sea. The discovery supports our long-term growth targets"

The exploration well is located approximately 5 km southeast of the Johan

Castberg field and 210 km northwest of Hammerfest.

Skavl Stø was drilled in PL 532 by TransOcean Enabler. Extensive data

acquisition took place, including sampling and the well will be permanently

plugged and abandoned.

Vår Energi ASA holds a 30% stake of the license, with Equinor (Operator; 50%)

and Petoro (20%) making up the rest of the JV.

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 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.

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