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2 March 2023

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 Sm3 (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 Sm3 (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.