Sandnes, Norway, 16 January 2026: Vår Energi (OSE: VAR, “the Company”) announces the completion of the appraisal well with two production tests on the Zagato structure in the Goliat Ridge discovery in the Barents Sea, confirming reservoir quality and adding recoverable volumes.
The well was drilled approximately seven kilometers northeast of the Vår Energi operated Goliat field. The production tests confirmed good quality reservoirs and oil quality similar to the Goliat field.
The latest well tested two intervals with each showing maximum flow rates of more than 4000 barrels of oil per day, confirming reservoir quality.
Vår Energi COO, Torger Rød said:
"This achievement strengthens our confidence in the potential of the Goliat Ridge discovery, and we see an opportunity to unlock significant additional reseources as tie-back projects to Goliat. The recent discoveries reinforce Vår Energi’s position as a leading exploration company on the Norwegian Continental Shelf (NCS) and continue to strengthen our ability to sustain high value production of 350-400 thousand barrels of oil equivalents per day beyond 2030".
Vår Energi and licence partner Equinor have drilled a total of five wells and one side track in the area. Including the latest well, the Goliat Ridge is estimated to contain gross discovered recoverable resources of 35 to 138 million barrels of oil equivalents (mmboe), and with additional prospective resources taking the total gross potential to over 200 mmboe.
A tie-back to the nearby Goliat FPSO is being planned, targeting first production in 2019.
Vår Energi was recently awarded an adjacent licence to the Goliat field in the 2025 Awards in Predefined Areas (APA), which offers additional prospectivity on trend with the Goliat Ridge discovery.
Contact
Investor relations
Ida Marie Fjellheim, VP Investor relations
+47 905 09 291
ida.fjellheim@varenergi.no
Media
Liv Jannie Omdal, VP Communications
+47 97667137
liv.omdal@varenergi.no
About Vår Energi
Vår Energi is a leading independent upstream oil and gas company on the Norwegian Continental Shelf (NCS). To learn more, please visit varenergi.no