Pandion Energy AS has entered into an agreement with ConocoPhillips Skandinavia AS (ConocoPhillips) to swap half of its 20 per cent interest in PL 1047 in the North Sea in exchange for ConocoPhillips’ 20 percent interest in PL 938, containing the Calypso prospect. PL 938 is located in the prolific Haltenbanken area in the Norwegian Sea in block 6407/8, just north of the Bauge and Hyme fields.

PL 938 was awarded in the 2017 APA round and is operated by Neptune Energy Norge AS (60 per cent) with ConocoPhillips (20 per cent before swap) and Vår Energi AS (20 per cent) as partners. An exploration well is planned to be drilled in the license in 2021 or 2022.

PL 1047 is operated by Aker BP ASA (40 percent) with Concedo ASA (20 percent), ConocoPhillips (20 percent before swap) and Pandion Energy (20 percent before swap) as partners. The license is located in the North Sea, adjacent to the Martin Linge field.

CEO of Pandion Energy, Jan Christian Ellefsen, says in a comment:

“With this transaction we commit to our fourth exploration well in the Norwegian Sea, reflecting our optimistic view on the remaining resource potential in this prolific part of the Norwegian continental shelf. 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.”

The transaction is subject to customary conditions for completion, including approval by the Norwegian Ministry of Petroleum and Energy.

On 25 September, OKEA ASA announced an agreement with Neptune Energy Norge AS for the acquisition of a 30 per cent interest in PL 938. Neptune Energy Norge AS will retain a 30 per cent interest and remain operator of the license.

About Pandion Energy

Pandion Energy is a private oil and gas company with interests in licenses on the Norwegian continental shelf (“NCS”), headquartered in Oslo. The company was founded in November 2016 to perform a management buyout of the operational platform and licenses of Tullow Oil Norge AS.

About ConocoPhillips

Headquartered in Houston, Texas, ConocoPhillips (NYSE: COP) had operations and activities in 16 countries, $63 billion of total assets, and approximately 9,700 employees on June 30, 2020. Production excluding Libya averaged 1,130 MBOED for the six months ended June 30, 2020, and proved reserves were 5.3 BBOE as of Dec. 31, 2019.