Pandion buys stake in Norwegian Sea license from ConocoPhillips

Pandion Energy has entered into an agreement with ConocoPhillips to acquire a 20 percent interest in PL 891, containing the Slagugle prospect offshore Norway. 

The license is located in the prolific Haltenbanken area of the Norwegian Sea in blocks 6608/10, 11 and 12.

The license is operated by ConocoPhillips and it was awarded in the 2016 APA round.

Pandion said on Wednesday that, contingent on approval by the Norwegian Ministry of Petroleum and Energy, the operator will be making preparations to drill the Slagugle prospect in 2020, alternatively 2021.

CEO of Pandion Energy, Jan Christian Ellefsen, commented: “With this farm-in we commit to our fourth exploration well in less than a year, demonstrating the importance of exploration and appraisal activities in Pandion Energy’s growth strategy. Once again we have identified and secured an attractive exploration opportunity close to existing fields and discoveries in the Norwegian Sea.

“Together with the upcoming wells in PL 842 (Godalen) and PL 263 D & E (Appolonia), we now have a portfolio of three exploration wells in this prolific part of the Norwegian continental shelf.”

The transaction is subject to customary conditions for completion, including approval by the Norwegian Ministry of Petroleum and Energy.

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