Pandion buys stake in two Norwegian offshore licences

Oil and gas company Pandion Energy has entered into an agreement with Wintershall Dea to acquire interests in two licences located offshore Norway.

Deepsea Bergen rig - Pandion Energy
Deepsea Bergen rig; Source: Pandion Energy

In a statement on 31 December 2020, Pandion said it had agreed with Wintershall Dea to acquire a 2.5 per cent interest in PL 820 S and a 15 per cent interest in PL 617.

Through this transaction, Pandion Energy increases its interest in PL 820 S to 12.5 per cent.

In March, Pandion Energy announced the results from exploration drilling in PL 820 S.

Wells 25/8-19 S and 25/8-19 A proved hydrocarbons at five different intervals with the Iving discovery in the Skagerrak Formation being the most prominent with recoverable resources estimated to between 12 and 71 million barrels of oil equivalent.

The wells 25/8-19 S and 25/8-19 A were drilled using the Deepsea Bergen drilling rig.

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According to Pandion, the operator, MOL Norge (40 per cent), is together with partners Lundin Energy Norway (40 per cent), Pandion Energy (10 per cent before acquisition) and Wintershall Dea (10 per cent before the sale) planning an appraisal campaign in 2021.

The license is located in blocks 25/7 & 8, north-northwest of the Balder and Ringhorne fields.

PL 617 contains the Eidsvoll prospect and is located in block 2/9, east-northeast of the Valhall & Hod fields where Pandion Energy holds a 10 per cent interest.

The operator, MOL Norge (40 per cent), is together with partners OMV (30 per cent) and Wintershall Dea (30 per cent before the sale) planning to drill the Eidsvoll exploration well in 2021.

The transaction is subject to customary conditions for completion, including approval by the Norwegian Ministry of Petroleum and Energy. The effective date for the transaction was 1 January 2021.