Pandion Energy has signed an agreement with Wintershall DEA Norge to acquire stakes in two North Sea licences.

Under the agreement, the company will acquire a 2.5% stake in PL 820 S and a 15% interest in PL 617.

The deal will enable Pandion Energy to increase its stake in PL 820 S to 12.5%.

The licence is located in blocks 25/7 & 8, north-northwest of the Balder and Ringhorne field, which is 200km west of Stavanger, Norway.

The completion of the transaction, which has an effective date of 1 January 2021, is subject to customary conditions for completion, including approval by the Norwegian Ministry of Petroleum and Energy.

With a stake of 40%, MOL Norge is the operator of PL 820 S and partnered by Lundin Energy Norway, Pandion Energy and Wintershall DEA.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Last March, Pandion Energy announced exploration drilling results for PL 820 S, revealing that wells 25/8-19 S and 25/8-19 had proved hydrocarbons at five different intervals.

Located in block 2/9, east-northeast of the Valhall & Hod fields, the PL 617 licence contains the Eidsvoll prospect.

Pandion Energy owns a 10% stake in the Valhall & Hod fields, where MOL Norge is the operator.

The licence partners, including OMV (Norge), are expected to drill the Eidsvoll exploration well this year.

In June, MOL Norge and partners announced the discovery of oil and gas in the production licence PL820 S in the Norwegian North Sea.

The discovery was made after the drilling of the exploration well to a total depth of 2,652m below sea level.