Pandion Energy has been prequalified as licensee on the Norwegian Continental Shelf (NCS) and secured approval to acquire all licences in Tullow Oil Norge AS's existing portfolio.
This portfolio includes a 20% stake in PL 636 containing the Cara oil and gas discovery.
Cara is 6km from the existing Gjøa field in the Norwegian North Sea.
Pandion Energy CEO Jan Christian Ellefsen said: "The prequalification of Pandion Energy and completion of the transaction with Tullow Oil Norge AS is an important milestone for the company, demonstrating the quality of our organisation and operational platform.
"Since founding the company in November last year, we have built up a pipeline of investment opportunities spanning from exploration assets to development projects.
"With all required approvals in-place, we are now ready to capture these opportunities through acquisitions, farm-ins, and licensing rounds."
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Set-up in November 2016, Pandion Energy is a private oil and gas company focusing on exploration, appraisal and development in the NCS.
The Pandion Energy is backed by Kerogen Capital, an international private equity fund manager specialising in the international oil and gas sector.