Panoro Energy ASA

Report Publication Announcement • Apr 1, 2020

Publication of the 2019 annual report

Publication of the 2019 annual report

The Board of Directors of Pandion Energy has approved the Company’s annual report for 2019, including the audited financial statements for 2019.

Jan Christian Ellefsen CEO of Pandion Energy stated the following:

“2019 was another eventful year with solid operational performance for Pandion Energy. We continue to build on our strengths as an agile and professional team player on the Norwegian Continental Shelf, by a dedicated team with strong commercial and operational capabilities.”

“However, during the first three months of 2020, the world has changed dramatically. The coronavirus is spreading around the world, representing a significant threat to people’s health and causing severe consequences for the global economy, including a material drop in the oil price.”

Pandion Energy recorded revenues of USD 103 million for 2019, mainly related to the Company’s 10 per cent interest in the Valhall & Hod producing fields. Average net production was 4,334 barrels of oil equivalent per day, an increase of 8 per cent compared to 2018, and the average realised oil price was USD 66.4, a decrease of 7 per cent from the previous year.

The Board of Pandion Energy is closely monitoring the situation related to the corona pandemic and the massive drop in the oil price with the objective of making sure necessary measures are taken to protect the people and operations, and that the Company maintains liquidity and stays financially secure.

Pandion Energy remains committed to its strategy of being an active and responsible partner participating in all phases, from exploration through to development of oil and gas resources on the NCS. The Company will continue to invest in proven, high-quality assets with access to existing infrastructure and focus on the further development of its producing assets. The Board considers Pandion Energy to be well positioned for further growth.

For more information, contact:

Pandion Energy

t.(+47) 90 53 53 68

e. press@pandionenergy.no

a. Postboks 253, N-0216 Oslo, Norway

o. Lilleakerveien 8, N-0283 Oslo, Norway

www.pandionenergy.no

About Pandion Energy

Pandion Energy AS is a private oil and gas company with licences 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: www.pandionenergy.no