Strategic buy for Pandion EnergyCEO Jan Christian Ellefsen. Source: Marte Garmann

Strategic buy for Pandion Energy

The Norwegian oil & gas company has entered into an agreement with ConocoPhillips for the acquisition of 20% shares in PL891 containing the Slagugle prospect.

The license is located in the prolific Haltenbanken area of the Norwegian Sea in blocks 6507/5, 6 and 8. It was awarded in the 2016 APA round and is operated by ConocoPhillips (100% before farm-down).

Subject to receiving approval from the Norwegian Ministry of Petroleum and Energy, ConocoPhillips will make preparations for the drilling of the Slagugle prospect in 2020 or 2021.

Through this farm-in Pandion commits to a fourth exploration well in less than a year, along with the upcoming wells in PL842 (Godalen) and PL263 D & E (Appolonia). In PL263 D&E Pandion acquired 20% stakes from Equinor Energy in April 2019.

In June 2019, Pandion Energy received approval for the Duva development plan (PDO) located in PL636 in the Norwegian Sea, with expected first production early 2021.

No transaction value has been released yet.