Pandion to enter Calypso prospect after swapping license interests with ConocoPhillips

Pandion Energy has entered into an agreement with ConocoPhillips to swap interests in licenses located in the North Sea and the Norwegian Sea, respectively.

Pandion said on Thursday that, under the agreement, it will swap half of its 20 per cent interest in PL 1047 in the North Sea in exchange for ConocoPhillips’ 20 per cent interest in PL 938, containing the Calypso prospect.

The PL 938 is located in the prolific Haltenbanken area in the Norwegian Sea in block 6407/8, just north of the Bauge and Hyme fields.

The license was awarded in the 2017 APA round and is operated by Neptune Energy (60 per cent) with ConocoPhillips (20 per cent before swap) and Vår Energi (20 per cent) as partners.

An exploration well is planned to be drilled in the license in 2021 or 2022.

The PL 1047 is operated by Aker BP (40 per cent) with Concedo (20 per cent), ConocoPhillips (20 per cent before swap), and Pandion Energy (20 per cent before swap) as partners.

The license is located in the North Sea, adjacent to the Martin Linge field.

CEO of Pandion Energy, Jan Christian Ellefsen, said: “With this transaction we commit to our fourth exploration well in the Norwegian Sea, reflecting our optimistic view on the remaining resource potential in this prolific part of the Norwegian continental shelf.

“Together with ongoing and planned wells in PL 263 D & E (Appolonia), PL 891 (Slagugle) and PL 929 (Ofelia), we now have a portfolio of four exploration wells, all close to existing infrastructure”.

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

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It is also worth reminding that, on 25 September, OKEA announced an agreement with Neptune Energy for the acquisition of a 30 per cent interest in PL 938.

Neptune Energy will retain a 30 per cent interest and remain the operator of the license.