Delineation drilling results of the Slagugle oil discovery

Analysis of the newly collected data will inform on options for future appraisal and potential development. Pandion Energy holds a 20 per cent interest in in PL891, where ConocoPhillips is the operator (80 per cent). The main objectives of the appraisal well were to narrow oil in place and recoverable hydrocarbon volume estimates for pay intervals encountered in the discovery well 6507/5-10 S.

The well 6507/5-11 was spud on March 8th, 2022. TD (2272.92 m TVDSS) was safely reached on March 30th, 2022. Extensive data acquisition was carried out, including LWD, wireline, formation pressure, fluid samples and dynamic interference testing utilizing pressure gauges installed in the discovery well 6507/5-10 S.

The 6507/5-11 well encountered wet Jurassic and Triassic sands in the Åre formation and Grey Beds, with a total of 130 m of net good reservoir properties in several vertically separated pressure zones.

Three injectivity tests were conducted in the Åre and Grey Beds formations. Good injectivity in high permeability intervals was observed in all zones with a target rate of around 1000 Sm3/day for each injection test. The injection tests interpretation supports good connectivity of the Grey Beds reservoir with the updip pay in the discovery well 6507/5-10 S.

VP Exploration and Appraisal at Pandion Energy, Bente Flakstad Vold, stated the following:

We see multiple exploration opportunities in the Slagugle area which we expect will add to the resources confirmed by this appraisal well. We now look forward to continuing our close cooperation with the operator and contribute to maturing and potentially developing the resources in the area.

For further information see press release from the Norwegian Petroleum Directorate: Delineation of oil discovery 6507/5-10 S (Slagugle) northeast of the Heidrun field in the Norwegian Sea – 6507/5-11 (npd.no)

Pandion Energy successfully places USD 75 million bond

Pandion Energy AS (“Pandion Energy”) is pleased to announce a successful bond issue of USD 75 million with a tenor of 4 years. The bond issue attracted strong interest from Norwegian and international investors. The purpose of the new bond issue is refinancing of the existing NOK 400 million senior unsecured bonds with maturity in April 2023 (ISIN NO 001 0820103) (“PANE01 PRO”) as well as general corporate purposes. Upon closing of the new bond issue, Pandion Energy will issue a call notice for full redemption of PANE01 PRO.

ABG Sundal Collier, DNB Markets and Pareto Securities acted as Joint Lead Managers for the bond issue.

Pandion Energy to hold fixed income investor meetings

Pandion Energy AS (“Pandion Energy”) has engaged ABG Sundal Collier, DNB Markets and Pareto Securities as Joint Lead Managers to arrange fixed income investor meetings. Subject to market conditions and acceptable terms, a new USD senior unsecured bond issue with four year tenor may follow.

The purpose of the new bond issue is refinancing of the existing NOK 400 million senior unsecured bonds with maturity in April 2023 (ISIN NO 001 0820103) (“PANE01 PRO”) as well as general corporate purposes. Subject to successful placement of the new bond issue, Pandion Energy will issue a call notice for full redemption of PANE01 PRO.