Pandion enters Norwegian SeaJan Christian Ellefsen, CEO Pandion Energy

Pandion enters Norwegian Sea

Pandion Energy acquires 30% of PL 842 in the Norwegian Sea from Aker BP.

Pandion Energy has announced to have taken over the 30% working interest of Aker BP in PL 842, in blocks 6608/10, 11 and 12, E-NE of the Norne Field (see map below). PL 482 is operated by Capricorn Norge (40%) with partner Skagen44 (30%) and now Pandion (30%). This is the first Production License for Pandion in the Norwegian Sea.

Location of Pl 842

CEO of Pandion Energy, Jan Christian Ellefsen, commented:

With the acquisition of a 30 percent interest in PL842, we make our first farm-in into the Norwegian Sea. The license is located in a prolific part of the Norwegian continental shelf with multiple fields and discoveries and fits well with our strategy to invest in high quality exploration opportunities where we see an attractive risk-reward relationship.

The license partners have taken a positive drilling decision and an exploration well is planned to be drilled in 2019. The Godalen prospect is located on the Sør High and according to Skagen44 it represents a play opener with considerable commercial potential and significant oil potential in adjacent prospects and leads (given success). Could the play, which is chased here, be Jurassic sandstones and perhaps Permian carbonates, similar to the targets Lundin is exploring for on the Frøya High further south in the Norwegian Sea?

The transaction is subject to customary conditions for completion, including approval by the Norwegian Ministry of Petroleum and Energy with an effective date of 1 January 2019.

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