The company acquires 10 percent of PL 820S from Wintershall.
Pandion Energy AS has entered into an agreement with Wintershall Norge AS to acquire a 10 percent interest in PL 820S in the Norwegian North Sea.
CEO of Pandion Energy, Jan Christian Ellefsen, commented:
“With the acquisition of a 10 percent interest in PL 820S, we are delighted to announce our first farm-in into an exploration license with a firm well commitment. PL 820S represents an attractive exploration opportunity which fits well with our overall strategy of being active in all phases from exploration through to production.”
The transaction is subject to customary conditions for completion, including approval by the Norwegian Ministry of Petroleum and Energy.
Effective date for the transaction is 1 January 2018.