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