Appraisal well confirms Slagugle oil discovery

19 Jun 2025 09:22 CEST

The results from the second appraisal well 6507/5-12 S at the Slagugle oil
discovery in production license 891 was announced today. The objective of the
well was to delineate the oil discovery proven in the wildcat well 6507/5-10 S
and conduct a formation test to obtain better understanding of reservoir
properties and connectivity in the hydrocarbon-bearing layers. Preliminary
assessments indicate that the discovery is within the pre-drill resource
estimates. Pandion Energy holds a 20 per cent interest in PL 891, which is
operated by ConocoPhillips Skandinavia AS.

PL 891 is located in the Norwegian Sea approximately 20 km northeast of the
Heidrun field and 270 km north of Kristiansund. The licence was awarded in the
2016 APA (Awards in Predefined Areas) Licensing Round. Pandion Energy acquired
its 20 per cent interest in the license in July 2019 from operator
ConocoPhillips, which holds the remaining 80 per cent. The Slagugle oil
discovery was proven in December 2020, and the first appraisal campaign was
conducted in spring 2022
(https://www.pandionenergy.no/delineation-drilling-results-of-the-slagugle-oil-d
iscovery/).

The appraisal well encountered several oil columns in a 188-metre interval in
the Åre Formation and Grey Beds, 75 metres of which consist of sandstone with
very good reservoir properties.

Extensive data collection and sampling was carried out and a successful
formation test completed. The maximum production rate was 650 Sm³ of oil per
flow day through a 36/64-inch nozzle opening.

Preliminary assessments indicate that the discovery is within the pre-drill
resource estimates, in the range of 4,9 and 9,8 million standard cubic metres
(Sm3) of recoverable oil equivalent, in the main reservoir target, Middle Grey
Beds, which corresponds to around 30.8 – 61.6 million barrels of oil equivalent.
Additional volumes in the Lower Åre and Upper Grey Beds, not part of the
production test scope, represent a resource upside. Collected data will be
further analysed as the licensees continue to mature Slagugle towards a future
development decision.

For further information see press release from the Norwegian Offshore
Directorate:
https://www.sodir.no/en/whats-new/news/exploration-drilling-results/2025/apprais
al-well-confirms-oil-discovery-in-the-norwegian-sea-65075-12-s/
or visit www.pandionenergy.no

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