Pandion Energy AS (“Pandion” or “Pandion Energy”) has completed the divestment of all its remaining participating interests on the Norwegian continental shelf (NCS) to Vår Energi ASA (“Vår Energi”), following approval from the Norwegian Ministry of Energy. The transaction closed on 30 September 2026.

As announced on 18 June 2026, 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 Rodriguez discovery (PL 263 D,E,F,G,H) 
  • 20% participating interest in PL 1151/1151 B, PL 1180 and PL 1288 S 

With closing now complete, Pandion Energy has divested its entire portfolio on the NCS. This follows the earlier divestment of the company’s interests in the Valhall and Hod fields, and the Slagugle and Mistral discoveries, completed in October 2025, and marks the final step in the company’s decade-long strategy of identifying and maturing attractive investment opportunities on the NCS. 

As part of the transaction, employees have transferred to Vår Energi in accordance with Chapter 16 of the Norwegian Working Environment Act.   

Jan Christian Ellefsen, CEO of Pandion Energy, commented: 

“With closing now complete, we have delivered on the strategy we set out ten years ago. I want to thank our employees, our partners and Kerogen Capital for their contributions and close cooperation throughout this journey, and I wish our former colleagues every success in their new roles at Vår Energi.” 

Ellefsen will remain with Pandion Energy through a transition period, during which the company will continue to exist as a legal entity, without any operational activity or ownership interests in licences on the Norwegian continental shelf. 

Pandion Energy was established in 2016 following a management buyout of Tullow Oil Norge, with backing from Kerogen Capital. Over the past decade, 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.