The Vår Energi AS operated Cerisa exploration well in production license PL 636 was successful with estimated gross recoverable resources of between 18-39 million barrels of oil equivalent (mmboe). The discovery is the fourth discovery in a row close to the partly electrified Vår Energi operated Gjøa platform. Together with previous discoveries Gjøa North and Ofelia/Kyrre, Cerisa is a candidate to be tied into the Gjøa field by use of the existing infrastructure in the area.

Combined, these discoveries have estimated gross recoverable resources of up to 110 mmboe. The commercial Cerisa discovery adds to an already impressive exploration track record. Over the past five years, Vår Energi has had a discovery rate of over 50%, with finding costs of less than USD 1 per barrel post tax.

The discovery supports the Company's plans for continuous development of the North Sea as a long-term production hub for Vår Energi. The Cerisa discovery is currently being included as part of the Gjøa North and Ofelia/Kyrre project team to enable a fast-track delivery of these four discoveries into production. The Cerisa exploration well and three additional side-track appraisal wells were drilled by the semi-submersible drilling rig Deepsea Yantai.

The oil-water contact was not encountered in the wells drilled, implying possible upside to the estimated resource range. The Cerisa discovery is located 17 kilometers northeast of the Vår Energi operated Gjøa platform and five kilometers from the Duva subsea template. The Gjøa field is about 80 kilometers southwest of Florø.