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The PL 929 development forms part of the Gjøa Subsea Projects, comprising the Ofelia, Gjøa Nord and Cerisa discoveries as a coordinated development tied back to the Gjøa and Duva infrastructure.

Pandion Energy was awarded PL 929 in in the 2017 APA licensing round, the Ofelia discovery was announced in August 2022 and appraised in 2023.

Pandion Energy has maintained a strategic presence in the Greater Gjøa area since its establishment. The company’s experience in the area dates back to the Cara discovery in 2016, later renamed Duva, which was successfully developed and brought on stream in 2021¹⁾.

On 18 June 2026, Pandion Energy announced that it had entered into an agreement with Vår Energi to divest all its remaining participating interests on the NCS, including PL 929. Completion of the transaction remains subject to customary closing conditions, including approval from the Norwegian Ministry of Energy.

For further information, please refer to Vår Energi’s press release: Read Vår Energi announcement

Additional information is available from the Norwegian Ministry of Energy (in Norwegian only): Read Ministry article

 

1): Pandion Energy’s 20% interest in PL636 was divested in 2019.

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.

During 2025, Pandion Energy experienced a year of high activity and important strategic developments across its portfolio on the Norwegian continental shelf. The company reported total revenues and income of USD 234 million in 2025 (2024: USD 224 million). The year‑on‑year increase was driven by the gain from the divestment of an asset package to INPEX Idemitsu Norge AS, comprising participating interests in the Valhall and Hod fields, as well as the Slagugle and Mistral discoveries. The transaction, announced in July and completed in October following approval by the Norwegian Ministry of Energy, represented a significant value‑realising event for the company.

Total production in 2025 averaged 6,319 boepd (2024: 7,946 boepd), mainly reflecting the reduced contribution from the Valhall and Hod fields following the completion of the sale at the end of October.

2025 Directors’ report and financial statements

Jan Christian Ellefsen, CEO of Pandion Energy, stated the following:

As we reflect on 2025, it is clear that this has been one of the most eventful and transformative years in Pandion Energy’s history. It has been a year defined by high activity, important strategic decisions, and tangible progress across our portfolio. Most importantly, we exit the year with a focused, robust asset base and strong momentum going forward.

 

The publication is accompanied by a letter from our CEO, sharing key reflections from 2025 and priorities for the year ahead.

Throughout 2025, our organisation has been operating at a high pace. We drilled four wells during the year, including two exploration wells, one appraisal well and a new water injector on Nova. The results from the exploration wells drilled during the year provide further confirmation of the quality of our portfolio and our disciplined approach to exploration and development. In 2025, one commercial discovery was made out of two exploration wells drilled, bringing the total to seven discoveries from ten exploration wells since the company’s inception.

Operationally, Nova stands out as a cornerstone asset for Pandion Energy. Following the completion of the new water injector well during the year, the field has demonstrated stable and reliable production performance, in line with expectations. Nova provides a solid operational base as we continue to progress the rest of our portfolio.

In exploration and appraisal, 2025 delivered important milestones. The Mistral discovery, announced early in the year, was the fifth largest discovery on the Norwegian continental shelf in 2025 and further strengthened our track record as a successful exploration company. The Slagugle appraisal well confirmed the discovery within pre drill estimates and provided valuable data for continued maturation of the project. While these assets were later divested, the results underscore Pandion Energy’s ability to identify, mature and realise value from high quality opportunities.

Divestment to INPEX Idemitsu

A defining event in 2025 was the divestment of our interests in the Valhall and Hod fields to INPEX Idemitsu Norge AS, as well as the Slagugle and Mistral discoveries. These assets have been central to Pandion Energy’s development over many years, and the transaction represents a natural next step in our active portfolio management strategy. The sale was completed in October and enabled full repayment of our bond and reserve based lending facilities, leaving the company debt free at year end. This significantly strengthens our financial position and provides flexibility to invest in the next phase of growth.

Following the transaction, Pandion Energy retains a focused and high quality portfolio. In addition to Nova, our key development project is Ofelia in the Greater Gjøa area, where work progressed throughout the year. The project continues to move forward, with a Plan for Development and Operation targeted mid year 2026. We also see increasing momentum in the Sierra Solberg Rodriguez discovery, which has gained priority within the operator’s portfolio and represents meaningful upside for Pandion Energy.

Well positioned

Geographically, our portfolio is well positioned in core areas on the Norwegian continental shelf where infrastructure, activity and industrial interest are strong. The Gjøa area in particular holds strategic importance, both for our own assets and for future tie back opportunities. We remain committed to a disciplined area focused strategy, combining organic maturation of existing assets with selective exploration.

From a financial perspective, 2025 has been a solid year. Nova has delivered in line with budget and our cost discipline remains strong. With no immediate pressure to divest assets and a strengthened balance sheet, we are well positioned to continue maturing our portfolio.

None of this would have been possible without the dedication and professionalism of our people. The team has delivered an exceptional effort throughout a demanding year. I am proud of the agility, entrepreneurial mindset and technical excellence that characterise Pandion Energy.

Looking ahead, we enter 2026 with confidence. Plans include continued development of Ofelia, further progress on Sierra Solberg Rodrigues, and an exploration well later in the year. Pandion Energy remains committed to its full cycle approach and to creating value through active ownership, technical insight and disciplined execution.

2025 has been intense, challenging and rewarding. With a sharpened portfolio, strong financial position and a highly capable team, Pandion Energy is well prepared for the opportunities ahead.

Thank you for your continued trust and support.

Jan Christian Ellefsen
CEO, Pandion Energy

PL 1288 S is a stratigraphic license located in parts of blocks 29/6, 30/4 and 30/5, north of the Martin Linge field, in the North Sea. Pandion Energy has been offered a 20 percent interest in the license.

The official announcement was made on Tuesday, 13 January, by the Ministry of Energy.

For additional details on the APA 2025 Licensing Round, please refer to the Norwegian Offshore Directorate’s website (https://www.sodir.no/en/facts/production-licences/licensing-rounds/apa-2025/).

The transaction included Pandion Energy’s: 

• 10% participating interest in the producing Valhall and Hod fields (PL006B, PL006G, PL033 and PL033B); 

• 20% participating interest in the Slagugle discovery (Pl 891 and PL 891B); and 

• 20% participating interest in the Mistral discovery (PL1119). 

These assets have been core to Pandion Energy’s strategy of creating value through active ownership in high-quality projects close to existing infrastructure. With this transaction, Pandion Energy realises significant value and further strengthens its ability to invest in the next phase of portfolio development.  

Jan Christian Ellefsen, CEO of Pandion Energy, stated the following: 

“Completing this transaction marks a significant milestone in Pandion Energy’s active portfolio management strategy. The company remains committed to its full-cycle approach. Following the repayment of its bond and reserve based lending (RBL) facility, Pandion Energy will become debt-free, enabling greater financial flexibility to focus on developing its remaining assets and pursuing new growth opportunities in selected core areas on the NCS.”  

Pandion Energy retains a producing base through its 10% interest in the Nova field and continues to mature its discoveries, most notably Ofelia and Sierra Solberg, towards the development stage. 

Jan Christian Ellefsen, CEO of Pandion Energy, added: 

“Since 2017, we have taken part in the transformation of Valhall from a legacy field into a modern hub for continued production and future developments. With this divestment, we are capturing value created both from within our producing asset base and our exploration portfolio. Finally, I want to extend my sincere thanks to the entire Pandion team for their outstanding effort and commitment throughout this journey. I am incredibly proud of what this talented and dedicated team has achieved, and I look forward to continuing our journey together as we shape the next chapter for Pandion Energy.” 

The transaction includes Pandion Energy’s:

• 10% participating interest in the producing Valhall and Hod fields (PL006B, PL006G, PL033 and PL033B);
• 20% participating interest in the Slagugle discovery (Pl 891 and PL 891B); and
• 20% participating interest in the Mistral discovery (PL1119).

These assets have been core to Pandion Energy’s strategy of creating value through active ownership in high-quality projects close to existing infrastructure. With this transaction, Pandion Energy will realize significant value and further strengthen its ability to invest in the next phase of portfolio development.

Jan Christian Ellefsen, CEO of Pandion Energy, stated the following:

This agreement marks a natural next step for Pandion. We have successfully delivered on our strategy of identifying and maturing quality assets, and this divestment allows us to crystallize value and focus our resources on our remaining portfolio. That includes the producing field, Nova, and the development of Ofelia in the Greater Gjøa Area, as well as other high-potential assets in our portfolio.

Pandion Energy acquired its interest in Valhall and Hod in 2017, marking its transition to a full-cycle oil and gas company. Since then, the company has actively participated in the continued development of the area (including the Valhall Flank West development, the Hod redevelopment, and most recently the Joint Valhall PWP-Fenris project) in close cooperation with the operator Aker BP.

The Slagugle discovery, made in 2020, was the biggest discovery on the NCS that year; while Mistral, discovered in early 2025, is estimated to contain commercially viable resources of between 19 and 44 mmboe (gross).

This transaction marks an important milestone in Pandion Energy’s active portfolio management strategy. The company remains committed to its full-cycle approach and will use the increased financial flexibility to focus on developing its remaining assets, progressing key discoveries like Ofelia, and pursuing new growth opportunities in selected core areas on the NCS.

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

The transaction will, subject to completion, represent a mandatory prepayment event under Pandion Energy’s outstanding bond issue “Pandion Energy AS 22/26 9,75% USD C” (ISIN NO0012535816) (the “Bond Issue”). Consequently, Pandion intends to redeem the Bond Issue in full, subject to and at or following closing, in accordance with the bond terms of the Bond Issue. Prior to such redemption, Pandion Energy will publish a separate stock exchange notice in accordance with the ABM Issuer Rules section 3.2.2 (1) item 6 and the further content requirements set out in the separate notice.

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/

Jan Christian Ellefsen, CEO of Pandion Energy, stated the following:

2024 marked eight years into our history, and we focused on refining and maturing the assets in our portfolio to unlock their full potential. It has been a year of stable operations, disciplined financial performance, and significant milestones achieved across our projects, positioning us for exciting opportunities ahead.

In 2024, the company reported another year of solid financial performance, with total revenues and income of USD 223.5 million and an operating profit of USD 91.7 million. Pandion Energy remained committed to challenging and supporting the operators’ HSE programs, attaining positive safety and environmental results throughout the year. Total production was close to 8,000 boepd and exceeded expectations.

The Valhall & Hod fields concluded the year with high production efficiency, driven by strong uptime and enhanced well maintenance. This positive trend has continued into 2025. The Valhall PWP project is on track, with fabrication and construction activities advancing at multiple sites. The Ofelia discoveries are maturing towards a development decision, a Concretisation decision (BOK) was reached and submitted to the authorities in December with PDO planned for submission by the end of 2025. At the Nova field, a new water injector well was spudded at the end of the year and successfully delivered in February 2025, with the goal of further improving field performance. Furthermore, the Mistral discovery well, spudded in December 2024 and announced in March 2025, indicated recoverable resources of 19 to 44 mmboe. This well marks the seventh discovery for Pandion Energy out of a total of ten exploration wells drilled since the company’s inception in 2016.

With an ambitious program ahead, Pandion Energy enters 2025 with confidence, determination, and a clear vision for continued growth.

Annual Report 2024

The production license was awarded by the Norwegian Ministry of Energy in 2021, as part of the Awards in Pre-defined Areas (APA) 2020. The 35/6-6 well was located in the northern part of the North Sea, 20 kilometres Northwest of the Gjøa field.

Partners in PL 1109 Horatio: OMV (Norge) AS (30%, operator), Pandion Energy AS (20%), Aker BP ASA (20%), DNO Norge AS (20%*), OKEA ASA (10%*)

* Transaction pending approval by the Department of Energy

For additional details, please refer to the Norwegian Offshore Directorate’s official website (https://www.sodir.no/en/whats-new/news/exploration-drilling-results/2025/dry-well-in-the-north-sea-366-6/)

The Mistral well encountered a 46-metre gas/condensate column in a sandstone reservoir with good reservoir properties. As part of the drilling operations, an extensive data collection programme was carried out, which will be used to conduct further studies of the reservoir and fluid properties.

7 discoveries out of 9 wells

This well marks the seventh discovery for Pandion Energy out of a total of nine exploration wells drilled since the company’s inception in 2016. The Mistral discovery is located in the neighbouring license to the Tyrihans subsea field in the Norwegian Sea, and close to several other producing fields, including Åsgard and Kristin.

VP Exploration & Appraisal, Bente Flakstad Vold states:

This discovery strengthens our presence in this mature part of the Norwegian Sea and illustrates our approach to exploration in selected areas near existing infrastructure. I am very proud of the team at Pandion Energy, which has delivered a discovery rate of around 80 percent so far. We now look forward to maturing the Mistral discovery further together with the operator Equinor and partners OKEA and DNO.

High activity in 2025

Mistral is one of two exploration wells for Pandion Energy in 2025. The Horatio well in production license 1109, where the company holds a 20 percent interest, was spudded in early February.

Pandion Energy is also actively working on maturing its other discoveries. These days the company is preparing for the appraisal campaign on the Slagugle discovery in production license 891 in the Halten Bank area in the Norwegian Sea. The company is also actively involved in maturing the Ofelia discoveries made in 2022 and 2023 in production license 929 in the Greater Gjøa area in the northern North Sea. This project passed the decision to concretize in December 2024 and together with operator Vår Energi and the other partners, the company is planning to submit a Plan for Development and Operation by the end of the year.

Additionally, the jacket for the new central production and wellhead platform (PWP) will be installed on the Valhall field during the third quarter. PWP is part of a joint development project with Fenris (formerly King Lear), located in the southern part of the North Sea. Pandion Energy AS is a partner in the Valhall license, where Aker BP is the operator.