Vår Energi (OSE: VAR, the Company) confirms an oil discovery in the Goliat North exploration well, located close to the Vår Energi operated Goliat field in the Barents Sea.

The exploration well located five kilometres north of the Goliat field encountered hydrocarbons in the Realgrunnen and Kobbe formations. Estimated gross recoverable resources encountered are up to 5 million barrels of oil equivalent (mmboe).

The Goliat North well forms an integral part of the Goliat Ridge appraisal drilling programme. Vår Energi and partner Equinor will drill a total of four wells in the Goliat Ridge, with the Zagato side track currently ongoing. Following completion of the appraisal programme the Company will assess the entire potential of Goliat Ridge utilising the extensive data acquisition combined with the newly acquired 3D seismic data. 

Including the latest discovery, the Goliat Ridge is estimated to contain gross discovered resources of 39 to 108 mmboe and with additional prospective resources taking the total gross potential to up to 200 mmboe. A tie-back of the Goliat Ridge discoveries to the nearby Goliat FPSO is being planned.

The partners in the licence are Vår Energi (operator, 65 %) and Equinor (35 %).

About Vår Energi

Vår Energi is a leading independent upstream oil and gas company on the Norwegian continental shelf (NCS).