Pandion Energy acquires 30 percent of PL 842 from Aker BP

PL 842 was awarded in the 2015 APA round and is operated by Capricorn Norge AS (40%) with Skagen44 AS (30%) and Aker BP (30% before sale) as partners. An exploration well is planned to be drilled in the license in 2019.

CEO of Pandion Energy, Jan Christian Ellefsen, commented:

With the acquisition of a 30 percent interest in PL842, we make our first farm-in into the Norwegian Sea. The license is located in a prolific part of the Norwegian continental shelf with multiple fields and discoveries and fits well with our strategy to invest in high quality exploration opportunities where we see an attractive risk-reward relationship.

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 2019.

Cara continues towards development

The Cara license, PL 636, operated by Neptune Energy Norge AS (Neptune Energy) with Pandion Energy AS (Pandion Energy) as 20 percent partner, continues forward with a subsea development solution for the field located in the Norwegian North Sea.

The proposed concept is a subsea tieback to the Neptune Energy operated Gjøa platform. Neptune Energy (operator) has on behalf of the Cara license submitted the “Decision to Continue” (BOV) report to the Ministry of Petroleum and Energy. The license partnership now enters the define phase of the project, refining the technical and economic plan before committing to a final investment decision.

The Cara field is located six kilometers northeast of the Gjøa field and about 60 kilometers of mainland Florø. Cara is expected to yield between 56-94 million barrels of oil equivalents, which corresponds to be in range of 9-15 million standard cubic meter (MSm3).  Idemitsu Petroleum Norge AS and Wellesley Petroleum AS are also license partners in the field.

For more information on the Cara development, please see Neptune Energy’s press release.