Recoverable Volumes Becoming Clearer at Goliat Ridge

Vaar Energi is targeting first production in 2029 from an initial pool of successful exploration wells at its Goliat oilfield in the Norwegian Barents Sea. The plan involves a tie-back to the existing Goliat floating production, storage and offloading vessel.

Discovery and Resource Potential

The company has drilled five wells along a new play called the Goliat Ridge, confirming a gross discovered recoverable resource of between 35 million and 138 million barrels of oil equivalent. Vaar Energi believes there is additional prospectivity that could bring the Ridge's gross potential up to 200 million boe. This view is supported by the recent award of an adjacent exploration licence with more prospectivity on trend with the Goliat Ridge.

Flow Test Results and Reservoir Quality

Flow tests from the Zagato structure confirmed good quality reservoirs and oil quality similar to the main Goliat field. Two intervals were tested, each showing maximum flow rates exceeding 4000 barrels of oil per day.

Strategic Significance and Future Production

The discoveries strengthen confidence in the Goliat Ridge's potential to unlock significant additional resources as tie-back projects. These successes support Vaar Energi's ability to sustain high-value production of 350,000 to 400,000 barrels of oil equivalent per day beyond 2030. Vaar Energi and Equinor are joint venture partners in the Goliat Ridge and Goliat assets.