Vår Energi ASA

Earnings Release • Feb 27, 2025

Vår Energi makes its third oil discovery in a row in the Goliat Area

Vår Energi makes its third oil discovery in a row in the Goliat Area

Sandnes, Norway 27 February 2025: Vår Energi ASA (OSE:VAR) announces an oil

discovery in the operated Zagato exploration well near the Goliat field in the

Barents Sea, adding to recent exploration success in the area.

The preliminary estimated gross recoverable resources encountered in the well

are between 15 to 43 million barrels of oil equivalent (mmboe). This comes in

addition to the Countach discoveries announced last year, and brings the total

gross estimated recoverable resources up to a high case reaching around 100

mmboe. The discoveries continue to demonstrate the potential of the Goliat

ridge, with estimated gross discovered and prospective recoverable resources

increased to above 200 mmboe.

COO Torger Rød in Vår Energi said:

"The Zagato discovery reinforces Vår Energi's position as a leading exploration

company on the Norwegian Continental Shelf (NCS). Close proximity to existing

infrastructure provides opportunity for a fast track, low emission, cost

-efficient development utilising available capacity at the Goliat FPSO, adding

high value barrels. With additional wells being drilled this year, we see an

opportunity to unlock significant additional resources as tie-back projects to

Goliat. The recent discoveries continue to strengthen Vår Energi's ability to

sustain high value production of 350-400 kboepd in the longer-term."

The Zagato discovery, is located 8 kilometres northeast of the Goliat FPSO, one

of Vår Energi's core areas on the NCS. The Goliat ridge consists of a series of

adjacent fault bounded prospects next to the Goliat field. The three wells

drilled so far on the Goliat ridge, Countach, Countach appraisal and Zagato,

have successfully discovered hydrocarbons in separate fault blocks, which

significantly de-risks the prospectivity in the undrilled areas. The good

quality reservoirs found in the exploration wells, are similar to those in the

producing Goliat field. To complete the remaining potential delineation and

accelerate the progress to development studies, a new 3D and a 4D seismic survey

will be acquired during summer 2025 accompanied by the drilling of two further

exploration/appraisal wells commencing around the end of the third quarter this

year.

The Countach appraisal and Zagato wells are part of the planned two-year

drilling campaign in the Barents Sea, a collaboration effort with Equinor

targeting both infill production and exploration wells. In total, Vår Energi

plans to drill around 20 exploration wells in the Barents Sea region over a four

-year period. After completing work at Zagato, the rig will be used to drill

infill wells at the Goliat field before returning to the Goliat ridge later this

year.

Vår Energi is the operator with 65% interest, while Equinor owns the remaining

35%.

Contact

Investor relations

Ida Marie Fjellheim, VP Investor Relations

+47 90509291

ida.fjellheim@­varenergi.no

Media relations

Liv Jannie Omdal, VP Communications

+4797667137

liv.omdal@­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.

Safe and responsible operations are at the core of our strategy. Our ambition is

to be the safest operator on the NCS, and to become carbon neutral in our net

equity operational emissions by 2030.

Vår Energi has around 1400 employees and equity stakes in 40 producing fields.

We have our headquarters outside Stavanger, Norway, with offices in Oslo,

Hammerfest and Florø. To learn more, please visit varenergi.no.