Publication of the annual report for 2024

11 Apr 2025 09:04 CEST

The board of directors of Pandion Energy has approved the company’s annual
report for 2024, including the audited financial statements for 2024.

Jan Christian Ellefsen, CEO of Pandion Energy, stated the following:
“2024 marked eight years into our history, and we focused on refining and
maturing the assets in our portfolio to unlock their full potential. It has been
a year of stable operations, disciplined financial performance, and significant
milestones achieved across our projects, positioning us for exciting
opportunities ahead.”

In 2024, the company reported another year of solid financial performance, with
total revenues and income of USD 223.5 million and an operating profit of USD
91.7 million. Pandion Energy remained committed to challenging and supporting
the operators’ HSE programs, attaining positive safety and environmental results
throughout the year. Total production was close to 8,000 boepd and exceeded
expectations.

The Valhall & Hod fields concluded the year with high production efficiency,
driven by strong uptime and enhanced well maintenance. This positive trend has
continued into 2025. The Valhall PWP project is on track, with fabrication and
construction activities advancing at multiple sites. The Ofelia discoveries are
maturing towards a development decision, a Concretisation decision (BOK) was
reached and submitted to the authorities in December with PDO planned for
submission by the end of 2025. At the Nova field, a new water injector well was
spudded at the end of the year and successfully delivered in February 2025, with
the goal of further improving field performance. Furthermore, the Mistral
discovery well, spudded in December 2024 and announced in March 2025, indicated
recoverable resources of 19 to 44 mmboe. This well marks the seventh discovery
for Pandion Energy out of a total of ten exploration wells drilled since the
company’s inception in 2016.

With an ambitious program ahead, Pandion Energy enters 2025 with confidence,
determination, and a clear vision for continued growth.

For more information, contact: press@pandionenergy.no

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.
www.pandionenergy.no

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643594_Pandion Energy_annual report_2024.pdf