A new discovery with commercial potential was announced today following drilling on the Calypso prospect in PL 938 in the Norwegian Sea. Pandion Energy holds a 20 per cent participating interest in the license which is operated by Neptune Energy.

Preliminary volume estimates are between 1 and 3.5 million standard cubic meters (MSm3) of recoverable oil equivalents, corresponding to 6-22 million barrels of oil equivalent (boe).

VP Exploration & Appraisal, Bente Flakstad Vold stated the following:

This is our fifth consecutive discovery in mature areas on the Norwegian continental shelf. Pandion Energy actively targets near field exploration opportunities which allow for low cost and low carbon developments. The partners in the Calypso license will now study options to effectively develop the discovery using nearby infrastructure.

“We would like to congratulate both the operator Neptune Energy and the Deepsea Yantai team on yet another successful drilling operation.”

Pandion Energy is also partner in the Neptune Energy operated Ofelia discovery in the North Sea announced in August (link).

The Calypso discovery is located 14 kilometres north-west of the Draugen field and 22 kilometres north-east of the Njord A platform.

Well 6407/8-8S was drilled to a vertical depth of 3496 metres and encountered an estimated 8 metre thick gas column and 30-metre thick oil column in a 131 metres thick Garn Formation sandstone reservoir, of good to very good quality.

The well was drilled by the Deepsea Yantai, a semi-submersible rig owned by CIMC and operated by Odfjell Drilling. The partners in the license are: Neptune Energy (operator, 30%), OKEA ASA (30%), Pandion Energy AS (20%) and Vår Energi ASA (20%)