Pandion Energy has entered into a loan agreement with BNP Paribas and Skandinaviska Enskilda Banken AB (publ) (SEB) for the financing of its exploration and appraisal activities on the Norwegian continental shelf (NCS). The facility amount is NOK 400 million with an accordion of NOK 200 million.
Jan Christian Ellefsen, Pandion Energy’s CEO, commented:
“Investments within exploration and appraisal projects are a core part of our growth strategy and with the Exploration Finance Facility (EFF) secured, we now have all the tools in place to execute on our business plan. We are very pleased with securing our first finance facility with two highly experienced E&P banks that can support us as we develop and expand our portfolio.”
The banking facility will work in combination with previously committed equity capital from Kerogen Capital. Earlier this year Kerogen Capital announced that it may commit up to US$300 million to Pandion Energy as its portfolio develops.
Pandion Energy, founded in November 2016, is a private oil and gas company focusing on exploration, appraisal and development opportunities in all parts of the Norwegian Continental Shelf (NCS). The company was prequalified as a Licensee on the NCS in June this year. Pandion Energy has recently applied for licenses in the Awards in Predefined Areas (APA) round and is currently also assessing other investment opportunities on the NCS.