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

The well located 10 kilometres north of the Goliat field encountered hydrocarbons in the Realgrunnen and Klappmyss formations. Estimated gross recoverable resources encountered by the well are up to 3 million barrels of oil equivalent (mmboe).

Zagato North is part of the Goliat Ridge appraisal programme, including ongoing drilling operations at the Goliat North well, followed by a planned side-track and well test of the already drilled Zagato South well.

The full appraisal programme is expected to be completed by end 2025. Following completion of the appraisal programme the company will assess the entire potential of Goliat Ridge utilizing the extensive data acquisition combined with the newly acquired 3D seismic data.

The Goliat Ridge is estimated to contain gross discovered resources of 36 to 103 mmboe and with additional prospective resources taking the total gross potential to up to 200 mmboe. A tie-back of the Goliat Ridge discovery to the nearby Goliat FPSO is being evaluated.

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).