Panoro Energy ASA

Report Publication Announcement • Apr 21, 2023

Publication of the combined annual report for 2022

Publication of the combined annual report for 2022

The board of directors of Pandion Energy has approved the company’s combined annual report for 2022, including the audited financial statements for 2022.

Jan Christian Ellefsen, CEO of Pandion Energy, stated the following:

"In 2022, our company experienced its strongest year of growth to date. We made several significant achievements, including the acquisition and integration of ONE-Dyas Norge AS, first oil at Hod B and Nova, and the successful drilling of two wildcat wells, both proving hydrocarbon accumulations with commercial potential. In addition, we partnered in our fourth PDO, namely the Valhall PWP development project.

Our highly motivated team has made tremendous efforts this year, both through integrating new assets and continuing to create value in our ongoing business. This has resulted in our best year ever with a turnover of more than USD 200 million.

Looking ahead, Pandion Energy will focus on enhancing its portfolio of high-quality assets while continue to look for attractive growth opportunities. Operationally, we expect 2023 to be another exciting year for the company, with an expected increase in production at Nova and an appraisal well at Ofelia discovery planned drilled this summer.”

Total revenues and other income for 2022 increased 55 per cent to USD 213.1 million (2021: USD 137.9 million). The increase in revenues is mainly driven by the increase in realised oil and gas prices.

Average net production for Pandion Energy was 5,236 barrels of oil equivalent per day (boepd), a slight increase from the average of 5,152 boepd in 2021. Upon reaching its full production potential, Nova is expected to more than double the company's daily production level.

With a strong balance sheet, Pandion Energy is well-positioned for future consolidation activities on the Norwegian continental shelf. The company remains committed to its strategy of being an active, responsible partner and a full-cycle oil and gas company with long-term ambitions.

For more information, contact:

CEO, Jan Christian Ellefsen, telephone: +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