Vår Energi Confirms Oil Discovery in Countach Appraisal Well Near Goliat Field

New Discovery Boosts Goliat Ridge Potential
Vår Energi ASA has confirmed a significant oil discovery in its operated Countach appraisal well, located near the Goliat field in the Barents Sea. Preliminary estimates suggest recoverable resources of 4 to 25 million barrels of oil equivalent (mmboe) in the well, bringing the total estimated recoverable resources for the Countach discovery to between 10 to 55 mmboe. This new discovery reaffirms the potential of the Goliat ridge, with plans for further assessment of additional resources in 2025, with expectations to exceed 100 mmboe.

Countach Appraisal Well Increases Estimated Resources
The latest appraisal well follows the 2023 Countach discovery, which had initially estimated 3 to 13 mmboe of oil. The newly drilled well, located 13 kilometers northeast of the Goliat FPSO, encountered oil in two significant formations: the Kobbe formation, which had good reservoir quality, and the Klappmyss formation, which contained an oil column of over 200 meters. Though the Klappmyss formation showed poorer reservoir quality, it opens up new exploration opportunities in the deeper sections of the Goliat ridge, indicating a promising future for resource development in the region.

Future Drilling Plans to Unlock Additional Resources
In 2025, Vår Energi plans a focused drilling program that includes three additional wells: Zagato North, Zagato South, and Goliat North. These wells will target similar opportunities within the Goliat ridge, which lies between the Goliat field and the Countach discovery. These new drilling projects are expected to add significant resources to the region, with estimated recoverable resources from these prospects exceeding 100 mmboe. This expansion is crucial, as it significantly bolsters the original Goliat field development plan, which had expected recoverable reserves of 176 million barrels of oil.

Strategic Focus on the Barents Sea and Long-term Production
The Barents Sea continues to be a major focus for Vår Energi, with the company aiming to sustain production levels of 350-400 thousand barrels of oil equivalent per day over the long term. As part of its broader exploration efforts, Vår Energi plans to drill around 20 wells in the Barents Sea over the next four years. This extensive drilling campaign is designed to both maintain production and unlock new reserves in the region. Following the work at Countach, Vår Energi will drill an exploration well at the Elgol prospect, located 17 kilometers northeast of Goliat, further expanding its portfolio in the Barents Sea.

Collaboration with Equinor to Maximize Exploration Potential
Vår Energi operates the Countach licence with a 65% interest, while Equinor holds the remaining 35%. Together, the companies are collaborating on a two-year drilling campaign in the Barents Sea. The campaign is focused on both infill production wells and exploration wells, which will contribute to the long-term development of the Goliat region and enhance production capacity.