Vår Energi has issued updated resource estimates after its successful oil discovery at the Countach well in Norway’s Barents Sea.
Oslo-listed Vår (OSE:VAR) said it had found oil at its operated 7122/8-1S Countach well in licence PL229 last month.
The well lies around 7.5 miles northeast of the Goliat field in the southern part of the Barents, and 56 miles north-west of Hammerfest.
In an update Thursday Vår said the preliminary estimates now place the size of the discovery in the tested segment between three and 13 million barrels of total recoverable oil equivalent (boe), or 0.5–2.1 million cubic metres.
The remaining potential of the Countach prospect in undrilled segments is now estimated at up to 23 million boe.
Vår holds a 65% share in the licence, while Equinor owns the remaining 35%. The well will now be permanently plugged and abandoned, and the licensees will evaluate drilling an appraisal well in the future.
Countach was spudded on 18 November with the Transocean Enabler semi-sub. It had been targeting the Triassic Kobbe Formation, with pre-drill resources quoted at 41 million barrels of oil equivalent (boe).
“Countach reinforces the company’s position as the leading exploration company on the Norwegian shelf. This discovery is yet another in a series of successful exploration wells in the Barents Sea in recent years, including Lupa – the largest discovery on the Norwegian shelf in 2022,” said Vår’s EVP for exploration and production, Rune Oldervoll.
“At the same time, the discovery confirms our exploration strategy and our position inthe area. We will consider potential commercial development options and tie-in of the discovery to Goliat FPSO.”
However, Mr Oldervoll said that the rig’s late arrival to the field meant it had not been able to carry out a planned sidetrack at the field before the beginning of environmental drilling restrictions on 1 March.
“We look forward to continuing to explore the area around Goliat at a later point in time,” he continued.