In reference to announcement made on 9 March 2022 on Pandion Energy acquiring the shares of ONE-Dyas Norge AS. Pandion Energy hereby announces that the transaction has been completed.
Following the completion of the transaction, ONE-Dyas Norge AS has become a wholly owned subsidiary of Pandion Energy and the name of the company will be changed to Pandion Energy Norge AS.
The transaction includes a 10 percent share of the Nova field and a total of nine exploration licenses. The Nova field is expected to start production in the second half of 2022 and will be sustainably operated with hydro power from shore through Gjøa.
This transaction represents a new leap in the Pandion Energy story and secures the company a solid foundation for further growth. With Nova on stream, the Pandion Energy’s daily production will more than double from the current level. In line with Pandion Energy’s Net Zero Carbon strategy, the combined Valhall and Nova production will, have among the lowest CO2 intensity levels on the Norwegian Continental Shelf.
In accordance with conditions set forth in the approval by the Norwegian Ministry of Petroleum and Energy, a separate merger process will be initiated to combine the portfolio of the two companies under one licensee.