Presentation

Pandion Energy is a pure NCS oil and gas company founded in November 2016 after a management buyout of Tullow Oil Norway. In January 2017, Kerogen Capital committed an initial investment of USD 100m in the company. The company's main asset is a 10% working interest in the producing Valhall/Hod fields. In November 2019, Pandion announced the sale of its 20% interest in the Duva development project. At YE 2019, 2P reserves from Valhall and Hod amounted to 31.9 mill boe while 2C resources were 26.6 mill boe. Production in Q2 2020 was 5,200 boepd, compared to 5,600 boepd in Q1 2020. Production is expected to grow in the coming years driven by further developments at Valhall and Hod.

In June 2020, a plan for development and operations (PDO) for the re-development of the Hod field was submitted to the Norwegian authorities. The project was originally scheduled for approval in March but was put on hold due to the outbreak of the Covid-19 pandemic and subsequent collapse in global demand for oil. Total investments for the Hod development are estimated at around USD 600 million (gross). Production start is planned for first quarter 2022, and the recoverable reserves are estimated at around 40 million barrels of oil equivalents.