Oil and Gas discovery in the Barents Sea

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