Discovery in the Mistral Prospect in the Norwegian Sea - Pandion Energy’s seventh discovery on NCS

05 Mar 2025 08:54 CET

Pandion Energy announces today its seventh discovery, the discovery has been
made in the Mistral exploration well 6406/6-7S in production license 1119 in the
southern Norwegian Sea. Pandion Energy holds a 20 percent interest in the
license, which is operated by Equinor. Preliminary estimates of recoverable oil
equivalents are between 3 and 7 million standard cubic meters (Sm3),
corresponding to 19 and 44 million barrels.

The Mistral well encountered a 46-metre gas/condensate column in a sandstone
reservoir with good reservoir properties. As part of the drilling operations, an
extensive data collection programme was carried out, which will be used to
conduct further studies of the reservoir and fluid properties.

7 discoveries out of 9 wells
This well marks the seventh discovery for Pandion Energy out of a total of nine
exploration wells drilled since the company's inception in 2016. The Mistral
discovery is located in the neighbouring license to the Tyrihans subsea field in
the Norwegian Sea, and close to several other producing fields, including Åsgard
and Kristin.

VP Exploration & Appraisal, Bente Flakstad Vold states:
"This discovery strengthens our presence in this mature part of the Norwegian
Sea and illustrates our approach to exploration in selected areas near existing
infrastructure. I am very proud of the team at Pandion Energy, which has
delivered a discovery rate of around 80 percent so far. We now look forward to
maturing the Mistral discovery further together with the operator Equinor and
partners OKEA and DNO."

High activity in 2025
Mistral is one of two exploration wells for Pandion Energy in 2025. The Horatio
well in production license 1109, where the company holds a 20 percent interest,
was spudded in early February.

Pandion Energy is also actively working on maturing its other discoveries. These
days the company is preparing for the appraisal campaign on the Slagugle
discovery in production license 891 in the Halten Bank area in the Norwegian
Sea. The company is also actively involved in maturing the Ofelia discoveries
made in 2022 and 2023 in production license 929 in the Greater Gjøa area in the
northern North Sea. This project passed the decision to concretize in December
2024 and together with operator Vår Energi and the other partners, the company
is planning to submit a Plan for Development and Operation by the end of the
year.

Additionally, the jacket for the new central production and wellhead platform
(PWP) will be installed on the Valhall field during the third quarter. PWP is
part of a joint development project with Fenris (formerly King Lear), located in
the southern part of the North Sea. Pandion Energy AS is a partner in the
Valhall license, where Aker BP is the operator.

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Notes to editors
About Pandion Energy
Pandion Energy is an independent, full cycle oil and gas company, participating
in the discovery, appraisal, development and production of oil and gas resources
on the Norwegian continental shelf. Currently, the company produces approx.
8,000 barrels of oil equivalents per day from the Valhall, Hod and Nova fields.
Since inception, Pandion Energy has participated in the discovery of Iving,
Sierra South, Slagugle, Calypso, Ofelia Agat, Ofelia Kyrre and Mistral South.
For more information please visit www.pandionenergy.no

Partners in the Valhall and Hod fields: Aker BP ASA (90%, operator), Pandion
Energy AS (10%)
Partners in PL 1119 Mistral: Equinor Energy AS (50%, operator), Pandion Energy
AS (20%), OKEA ASA (20%), DNO Norge AS (10%)
Partners in PL 1109 Horatio: OMV (Norge) AS (30%, operator), Pandion Energy AS
(20%), Aker BP ASA (20%), DNO Norge AS (20%*), OKEA ASA (10%*)
Partners in PL 891/B Slagugle: ConocoPhillips Skandinavia AS (80%, operator),
Pandion Energy AS (20%)
Partners in PL 929 Ofelia: Vår Energi ASA (40%, operator), Pandion Energy AS
(20%), Harbour Energy Norge AS (20%), DNO Norge AS (10%), Aker BP ASA (10%)
* Transactions pending approval by the Department of Energy

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