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22 January 2024

Dry wells in the Balder Area

Sandnes, Norway, 22 January 2024: Vår Energi ASA (OSE: VAR) confirms drilling operations on the exploration wells targeting the Hubert and Magellan prospects in PL 917 has been concluded. The objective of the wells was to prove petroleum in the Hubert prospect in the Paleocene Hermod Formation, and in the Magellan Prospect in Eocene Injectites in the Balder Formation.

No producible reservoir was observed, and the wells are classified as dry. The wells will be permanently plugged and abandoned.

Vår Energi holds a 40% share in license PL 917 (operator), with AkerBP 40% and Equinor 20%.

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 with a tangible plan to reduce emissions from our operations by 50% within 2030. 

Vår Energi has around 1000 employees and equity stakes in 40 fields and the company produced net 209,000 boe per day in the first nine months of 2023. We have our headquarters outside Stavanger, Norway, with offices in Oslo and Hammerfest. To learn more, please visit varenergi.no. 

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

This information is subject to the disclosure requirements pursuant to regulation EU 596/2014 Article 19 and Section 5-12 the Norwegian Securities Trading Act.