Pandion Energy Acquires 20 Percent of PL 263 D & E from Equinor

Source Press Release
Company Pandion Energy ASEquinor ASA 
Tags Asset Deals, Deals, Upstream Activities
Date April 16, 2019

Pandion Energy AS (Pandion Energy) has entered into an agreement with Equinor Energy AS (Equinor) to acquire a 20 percent interest in licenses PL 263 D and PL 263 E, containing the Appolonia prospect. The licenses are located in the prolific Haltenbanken area of the Norwegian Sea in blocks 6407/1 and 6507/10, respectively. The operator is currently maturing the Appolonia prospect, which in case of a positive drill decision by the partnership may be added to the operator’s exploration drilling program for 2020.

CEO of Pandion Energy, Jan Christian Ellefsen, commented:

“Pandion is very pleased with this acquisition which represents our third exploration farm-in and the second in the Norwegian Sea. The Appolonia prospect is located in a very prolific area and makes up a valuable contribution to our growing portfolio of high quality exploration assets.”

PL 263 D was awarded in the 2017 APA round. PL 263 E is a new license to be carved out from PL 263, which was awarded in the 16th licensing round in the year 2000. Both licenses are operated by Equinor (70% before farm-down) with Spirit Energy Norway AS (30%) as a partner.

The transaction is contingent on completion of the carve-out of PL 263 E from PL 263 and is subject to customary conditions for completion, including approval by the Norwegian Ministry of Petroleum and Energy.

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd