Presentation

Pandion Energy is a NCS oil and gas company founded in November 2016 after a management buyout of Tullow Oil Norway. The company is backed by Kerogen Capital which has committed USD 190m of equity. Pandion has a 10% working interest in the producing Valhall & Hod field (operated by Aker BP), and several appraisal and exploration licenses, including a 20% working interest in the Slagugle discovery and a 12.5% working interest in the Iving discovery.

Net production in Q2'21 was 5,000 boepd and production is expected to grow in the coming years driven by further developments at Valhall and the redevelopment of the Hod field. The company is primarily funded by USD 109m of invested equity, a USD 150m RBL facility and a NOK 400m bond.

Per YE’20, the company had net 2P reserves of 33 mmboe and net 2C resources of 22 mmobe at Valhall & Hod. In addition, Pandion had a further 17-49 mmboe resources related to the Slagugle Iving discoveries which both were made in 2020.