Panoro Energy ASA

Capital/Financing Update • Jun 6, 2020

Pandion Energy extends Exploration Finance Facility

Pandion Energy extends Exploration Finance Facility

Pandion Energy has entered into an amendment agreement with BNP Paribas and Skandinaviska Enskilda Banken AB (publ) (SEB) for the extension of its existing NOK 400 million Revolving Exploration Finance Facility (EFF). The availability period of the EFF has been extended from 31.12.2019 to 31.12.2020.

Chief Executive Officer Jan Christian Ellefsen of Pandion Energy says in a comment:

“Following the COVID-19 pandemic outbreak, managing financial risk has been a high priority. Extending the EFF is a highly cost-efficient measure which strengthens our liquidity reserves and allows us to continue searching for and acting on attractive exploration and appraisal opportunities across the shelf. In this way, extending the EFF is not only about reducing risk, but also enabling the company to create value during a very challenging period for the industry.”

In addition to the EFF, Pandion Energy’s capital structure consists of a Reserve Based Lending Facility (RBL) of USD 150 million and a Senior Unsecured Bond Loan of NOK 400 million, as well as injected and committed, undrawn equity capital of total USD 190 million.

For further information, please contact:

Jan Christian Ellefsen

CEO Pandion Energy

tel: +47 91 74 48 99

About Pandion Energy

Pandion Energy AS is a private oil and gas company with licenses on the Norwegian Continental Shelf. The Company’s strategy is to be an active and responsible partner in driving value in high-quality assets, based on a full cycle investment mandate. The Company participates in the discovery, appraisal, development and production of oil and gas resources with a focus on upsides in and around proven assets with access to existing infrastructure.

For more information visit: www.pandionenergy.no