OSLO, NORWAY, 15 AUGUST 2018

Pandion Energy AS (Pandion Energy) has entered into an agreement with Wintershall Norge AS (Wintershall) to acquire a 10 percent interest in PL 820S in the Norwegian North Sea. The license is located in blocks 25/7 & 8, north-northwest of the Balder and Ringhorne fields.

PL 820S was awarded in the 2015 APA round and is operated by MOL Norge AS (40%) with Lundin Norway AS (30%) and Wintershall (30% before farm-down) as partners. An exploration well is planned to be drilled in the license in 2019.

CEO of Pandion Energy, Jan Christian Ellefsen, commented:

“With the acquisition of a 10 percent interest in PL 820S, we are delighted to announce our first farm-in into an exploration license with a firm well commitment.  PL 820S represents an attractive exploration opportunity which fits well with our overall strategy of being active in all phases from exploration through to production.”

The transaction is subject to customary conditions for completion, including approval by the Norwegian Ministry of Petroleum and Energy.

Effective date for the transaction is 1 January 2018.