The board of directors of Pandion Energy has approved the company’s annual report for 2020, including the audited financial statements for 2020.

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

“The ongoing pandemic affected both operational priorities and financial progress in 2020. During these challenging times, our key priorities have revolved around ensuring the safety and well-being of our employees, protecting operations and, finally, ensuring that Pandion Energy maintains a solid financial platform.

Our priorities will continue to revolve around ensuring the safety and wellbeing of our employees, protecting our operations, and securing a solid financial position until the Covid-19 situation has normalised.

Operationally, our strongest priority is to deliver production and continue developing the Valhall and Hod fields and progress the appraisal of the recent discoveries. This alongside maturing related upside potential and further developing our exploration portfolio.”

Pandion Energy’s revenues and other income for 2020 amounted to USD 116.6 million (2019: USD 125.1 million) and comprised net sales of oil and gas, gains from the sale of interests in licences and gain/loss from hedging positions.

Average net production for Pandion Energy was 5,639 boe per day (boepd), compared with an average of 4,334 boepd in 2019, driven by new Valhall infill wells and Valhall Flank West coming on stream during the year.

The board of Pandion Energy continues to monitor the situation related to the coronavirus pandemic closely.

In 2020, Pandion Energy was one of the first E&P companies in Norway to become carbon neutral for Scope 1 and 2 greenhouse gas (GHG) emissions, and announced a strategy in early 2021 for maintaining its position with a low carbon impact and net zero status.

The board considers Pandion Energy to be well positioned for further growth. The company remains committed to its strategy of being an active and responsible partner, participating in all phases of oil and gas resources on the NCS.

Pandion Energy Annual Report 2020