Pandion Energy AS has entered into an agreement with ConocoPhillips Skandinavia AS to swap half of its 20% interest in North Sea license PL 1047 in exchange for ConocoPhillips’ 20% interest in PL 938, containing the Calypso prospect. PL 938 lies in the Haltenbanken area in the Norwegian Sea in Block 6407/8, just north of Bauge and Hyme fields.
PL 938 was awarded in the 2017 APA round and is operated by Neptune Energy Norge AS (60%) with ConocoPhillips (20% before swap) and Vår Energi AS (20%) as partners. Drilling of an exploration well is planned in 2021 or 2022.
PL 1047 is operated by Aker BP ASA (40%) with Concedo ASA (20%), ConocoPhillips (20% before swap), and Pandion Energy (20% before swap) as partners. The license is adjacent to Martin Linge field.
With the deal, Pandion commits to its fourth exploration well in the Norwegian Sea, said Jan Christian Ellefsen, chief executive officer. “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,” he said.
The transaction is subject to customary conditions, including approval by the Norwegian Ministry of Petroleum and Energy.
In September, OKEA ASA agreed to acquire a 30% interest in PL 938 from Neptune Energy Norge AS. Neptune will retain a 30% interest and remain operator of the license.