In December 2018, Pandion Energy reached average daily production of 5,000 barrels per day. This was achieved in less than 12 months since the completion of the Valhall & Hod transaction with Aker BP, in which the Company acquired a 10 percent interest in the assets, and only 1,5 years after the Company was prequalified as a partner on the NCS.
Pandion expects to continue to increase production through bringing in new projects onstream, such as Cara and Valhall West Flank development projects.
Jan Christian Ellefsen, the CEO of Pandion Energy commented:
“I am very pleased with our team and the strong support from our financial sponsor Kerogen Capital, a powerful combination that has enabled us to grow so rapidly. Looking back at the business plan we started out with two years ago, we have achieved most of our growth objectives in less than half the time.”
Jan Christian Ellefsen continues:
Going forward, we will maintain our full-cycle strategy across all phases from exploration through to production on the NCS, and we will continue to actively seek opportunities through licensing rounds, farm-ins as well as M&A.