Over the past decade, Pandion Energy has built a high-quality portfolio of licenses on the NCS, successfully progressing assets from the exploration phase through development and into production. This transaction represents the final step in delivering on this strategy and forms part of the ongoing consolidation across the NCS.
The transaction includes Pandion Energy’s:
- 10% participating interest in the producing Nova field (PL 418/418 B and PL 378)
- 20% participating interest in the Ofelia development project (PL 929)
- 49% participating interest in the Sierra Solberg Rodrigues discovery (PL 263 D,E,F,G,H);
- 20% participating interest in PL 1151/1151 B, PL 1180 and PL 1288 S
With this transaction, Pandion Energy monetises significant value created from its long term investments in high-quality projects close to existing infrastructure. This transaction follows the earlier divestment of Pandion Energy’s interests in the Valhall and Hod fields, and the Slagugle and Mistral discoveries announced in July 2025.
Jan Christian Ellefsen, CEO of Pandion Energy, commented:
This agreement marks a natural conclusion to Pandion Energy’s business plan following the divestment of several key assets in July last year. Over the past ten years, we have successfully delivered on our strategy of identifying and maturing attractive investment opportunities on the NCS. I would like to thank our employees for their strong contributions since the company was formed almost ten years ago and wish them the best of luck with new endeavours as part of Vår Energi.
Pandion Energy was established in 2016 following a management buyout of Tullow Oil Norge, with backing from leading international energy investor Kerogen Capital. During this period, the company has participated in seven discoveries, contributed to five development projects, and executed seven M&A transactions, as well as multiple exploration farm-ins, farm-outs and swaps.
Jason Cheng, CEO and Managing Partner of Kerogen Capital, commented:
Over the past decade, together with the Pandion team, we have built an attractive and resilient asset portfolio capable of navigating multiple market cycles. The divestment of this final asset package to Vår Energi marks the successful culmination of our investment strategy and the crystallization of significant value.
We deeply value our partnership with the Pandion team, who have consistently demonstrated an exceptional degree of entrepreneurialism, technical and operational excellence, and commercial acumen. We wish them continued success and are confident they will keep delivering value going forward.
The transaction constitutes a transfer of undertaking pursuant to Chapter 16 of the Norwegian Working Environment Act, and all employees will be offered the opportunity to transfer to Vår Energi, subject to completion.
The transaction is subject to customary conditions for completion, including approval by the Norwegian Ministry of Energy.
Pareto Securities has acted as financial advisor, and Arntzen Grette has acted as legal advisor to Pandion Energy in connection with the transaction.
