Pandion Energy AS (Pandion Energy) has been awarded two new prospective exploration licenses under the 2017 Norwegian APA (Awards in Pre-defined Areas) License Round on the Norwegian Continental Shelf.
The APA award was announced by the Minister of Petroleum and Energy (MPE), Terje Søviknes on Tuesday 16. January. For more information about APA 2017 see MPE’s website.
Both licenses are located in the Norwegian North Sea:
- License PL 912 (blocks 16/4, 5 & 7) is located at the southern margin of the Utsira high, south east of the Luno II discovery and west of PL 776 where Pandion Energy is a partner with 40% participating interest. Pandion Energy is pleased to be offered the opportunity to bring our work from this area into the new license. Pandion Energy has been offered a 30% participating interest in PL 912.
- License PL 929 (blocks 35/6 & 36/4) is located at the Måløy slope, between the Agat field to the north and the Gjøa field to the south. PL 929 lies in an area of strategic importance to Pandion Energy, where the team can utilize the experience from PL 636 and the Cara discovery to the south of the license. Pandion Energy has been offered a 20% participating interest in PL 929.
To Pandion Energy, these annual rounds in mature areas represent a very important source to attractive exploration opportunities.
Jan Christian Ellefsen, Pandion Energy’s CEO, commented:
“We are very pleased to be awarded these two licenses in the Awards in Predefined Areas (APA) 2017 round. To Pandion Energy, these annual rounds in mature areas represent a very important source to attractive exploration opportunities. The Cara development project in PL 636, one of the largest oil and gas discoveries in 2016, is a good example of the value creation potential in mature areas, awarded as part of the APA 2011 round. Having focused extensively on technical quality and appropriate risk-reward in our application work, we now look forward to maturing the exploration targets identified in these licenses further together with our partners.”