The results from the second appraisal well 6507/5-12 S at the Slagugle oil discovery in production license 891 was announced today. The objective of the well was to delineate the oil discovery proven in the wildcat well 6507/5-10 S and conduct a formation test to obtain better understanding of reservoir properties and connectivity in the hydrocarbon-bearing layers. Preliminary assessments indicate that the discovery is within the pre-drill resource estimates. Pandion Energy holds a 20 per cent interest in PL 891, which is operated by ConocoPhillips Skandinavia AS.

PL 891 is located in the Norwegian Sea approximately 20 km northeast of the Heidrun field and 270 km north of Kristiansund. The licence was awarded in the 2016 APA (Awards in Predefined Areas) Licensing Round. Pandion Energy acquired its 20 per cent interest in the license in July 2019 from operator ConocoPhillips, which holds the remaining 80 per cent. The Slagugle oil discovery was proven in December 2020, and the first appraisal campaign was conducted in spring 2022 [link].

The appraisal well encountered several oil columns in a 188-metre interval in the Åre Formation and Grey Beds, 75 metres of which consist of sandstone with very good reservoir properties.

Extensive data collection and sampling was carried out and a successful formation test completed. The maximum production rate was 650 Sm³ of oil per flow day through a 36/64-inch nozzle opening.

Preliminary assessments indicate that the discovery is within the pre-drill resource estimates, in the range of 4,9 and 9,8 million standard cubic metres (Sm3) of recoverable oil equivalent, in the main reservoir target, Middle Grey Beds, which corresponds to around 30.8 – 61.6 million barrels of oil equivalent. Additional volumes in the Lower Åre and Upper Grey Beds, not part of the production test scope, represent a resource upside. Collected data will be further analysed as the licensees continue to mature Slagugle towards a future development decision.

For further information see press release from the Norwegian Offshore Directorate: https://www.sodir.no/en/whats-new/news/exploration-drilling-results/2025/appraisal-well-confirms-oil-discovery-in-the-norwegian-sea-65075-12-s/