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.
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.
Source: Pandion Energy
