Vår Energi AS confirmed discovery of oil in the Balder area in the Central North Sea. The latest Ringhorne North exploration well in production license (PL 956) was successful with estimated recoverable resources of between 13 and 23 million barrels of oil. Operator Vår Energi considers the discovery a potential commercial candidate to be tied into nearby existing infrastructure in the Balder area.

The Ringhorne North discovery adds to an already impressive exploration track record. Over the past five years, Vår Energi has had a discovery rate of over 50 percent, with costs of less than USD 1 per barrel post tax. The discovery supports the plans for continuous development of the Balder area as a long-term production hub in the North Sea.

In addition to unlocking new resources and proving the northern extension of the Ringhorne field, the Ringhorne North discovery also de-risks more drillable prospects in the area and opens up potential development synergies with other nearby Vår Energi operated discoveries such as King-Prince and Evra-Iving. The Ringhorne North exploration well and two additional side-track/appraisal wells were drilled by the semi-submersible rig Deepsea Yantai in the Central North Sea, eight kilometers north of the Vår Energi operated Ringhorne field, about 200 kilometers northwest of Stavanger.