The board of directors of Pandion Energy has approved the company’s annual report for 2024, including the audited financial statements.
Jan Christian Ellefsen, CEO of Pandion Energy, stated the following:
2024 marked eight years into our history, and we focused on refining and maturing the assets in our portfolio to unlock their full potential. It has been a year of stable operations, disciplined financial performance, and significant milestones achieved across our projects, positioning us for exciting opportunities ahead.
In 2024, the company reported another year of solid financial performance, with total revenues and income of USD 223.5 million and an operating profit of USD 91.7 million. Pandion Energy remained committed to challenging and supporting the operators’ HSE programs, attaining positive safety and environmental results throughout the year. Total production was close to 8,000 boepd and exceeded expectations.
The Valhall & Hod fields concluded the year with high production efficiency, driven by strong uptime and enhanced well maintenance. This positive trend has continued into 2025. The Valhall PWP project is on track, with fabrication and construction activities advancing at multiple sites. The Ofelia discoveries are maturing towards a development decision, a Concretisation decision (BOK) was reached and submitted to the authorities in December with PDO planned for submission by the end of 2025. At the Nova field, a new water injector well was spudded at the end of the year and successfully delivered in February 2025, with the goal of further improving field performance. Furthermore, the Mistral discovery well, spudded in December 2024 and announced in March 2025, indicated recoverable resources of 19 to 44 mmboe. This well marks the seventh discovery for Pandion Energy out of a total of ten exploration wells drilled since the company’s inception in 2016.
With an ambitious program ahead, Pandion Energy enters 2025 with confidence, determination, and a clear vision for continued growth.
