OSLO, NORWAY, 31 DECEMBER 2018

Pandion Energy AS (Pandion Energy) has entered into an agreement with Aker BP ASA (Aker BP) to acquire a 30 percent interest in PL 842 in the Norwegian Sea. The license is located in blocks 6608/10, 11 and 12, east-northeast of the Norne field.

PL 842 was awarded in the 2015 APA round and is operated by Capricorn Norge AS (40%) with Skagen44 AS (30%) and Aker BP (30% before sale) 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 30 percent interest in PL842, we make our first farm-in into the Norwegian Sea. The license is located in a prolific part of the Norwegian continental shelf with multiple fields and discoveries and fits well with our strategy to invest in high quality exploration opportunities where we see an attractive risk-reward relationship.

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 2019.