The Annual Report 2019 has been released and the Board of Directors considers Pandion to be well positioned for further growth.
“2019 was another eventful year with solid operational performance for Pandion Energy”, states Jan Christian Ellefsen, CEO of 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.”
Pandion Energy recorded revenues of USD 103 million for 2019. This was 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, which was an increase of 8 per cent compared to 2018.
The average realised oil price was USD 66.4, a decrease of 7 per cent from the previous year.
The Duva field has been a success story for Pandion Energy. Holding 10% of the license operated by Neptune Energy (30%), Pandion’s engagement in the field represents the core of its strategy.
Production over Duva is planned to start late 2020/early 2021, and End 2019 2P reserves (net) are estimated to 8.8 mmboe.
With technical reserves of 88 million barrels of oil equivalents, the Duva field is expected to produce around 30 thousand barrels of oil equivalents per day at its peak, more than a 50 per cent increase in recoverable resources since the initial discovery.
The field will be developed as a subsea tie-back to the nearby Gjøa platform.
The company’s strategy remains to be an active and responsible partner participating in all phases, from exploration through to development of oil and gas resources on the NCS. Also, the company will continue to “keep a sharp eye on the NCS”, while investing in proven, high-quality assets with access to existing infrastructure and focusing on further development of its producing assets.