Pandion Energy divests its interests in the Valhall and Hod fields, and the Slagugle and Mistral discoveries

22 Jul 2025 10:13 CEST

Pandion Energy AS (“Pandion” or “Pandion Energy”) has entered into an agreement
to sell its participating interests in three assets comprising seven production
licenses on the Norwegian Continental Shelf (NCS) to INPEX Idemitsu Norge AS.
The transaction includes Pandion Energy’s:
• 10% participating interest in the producing Valhall and Hod fields (PL006B,
PL006G, PL033 and PL033B);
• 20% participating interest in the Slagugle discovery (Pl 891 and PL 891B); and

• 20% participating interest in the Mistral discovery (PL1119).

These assets have been core to Pandion Energy’s strategy of creating value
through active ownership in high-quality projects close to existing
infrastructure. With this transaction, Pandion Energy will realize significant
value and further strengthen its ability to invest in the next phase of
portfolio development.

Jan Christian Ellefsen, CEO of Pandion Energy, stated the following:
“This agreement marks a natural next step for Pandion. We have successfully
delivered on our strategy of identifying and maturing quality assets, and this
divestment allows us to crystallize value and focus our resources on our
remaining portfolio. That includes the producing field, Nova, and the
development of Ofelia in the Greater Gjøa Area, as well as other high-potential
assets in our portfolio.”

Pandion Energy acquired its interest in Valhall and Hod in 2017, marking its
transition to a full-cycle oil and gas company. Since then, the company has
actively participated in the continued development of the area (including the
Valhall Flank West development, the Hod redevelopment, and most recently the
Joint Valhall PWP-Fenris project) in close cooperation with the operator Aker
BP.

The Slagugle discovery, made in 2020, was the biggest discovery on the NCS that
year; while Mistral, discovered in early 2025, is estimated to contain
commercially viable resources of between 19 and 44 mmboe (gross).

This transaction marks an important milestone in Pandion Energy’s active
portfolio management strategy. The company remains committed to its full-cycle
approach and will use the increased financial flexibility to focus on developing
its remaining assets, progressing key discoveries like Ofelia, and pursuing new
growth opportunities in selected core areas on the NCS.

The transaction is subject to customary conditions for completion, including
approval by the Norwegian Ministry of Energy.

The transaction will, subject to completion, represent a mandatory prepayment
event under Pandion Energy’s outstanding bond issue “Pandion Energy AS 22/26
9,75% USD C” (ISIN NO0012535816) (the “Bond Issue”). Consequently, Pandion
intends to redeem the Bond Issue in full, subject to and at or following
closing, in accordance with the bond terms of the Bond Issue. Prior to such
redemption, Pandion Energy will publish a separate stock exchange notice in
accordance with the ABM Issuer Rules section 3.2.2 (1) item 6 and the further
content requirements set out in the separate notice.

For more information, please contact:
Jan Christian Ellefsen, CEO Pandion Energy AS
M: + 47 917 44 899

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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