Monday 20 August 2018

Pandion Energy AS has entered into an agreement with Wintershall Norge AS to acquire a 10 percent interest in PL 820S in the Norwegian North Sea. The license is located in blocks 25/7 & 8, north-northwest of the Balder and Ringhorne fields.

PL 820S was awarded in the 2015 APA round and is operated by MOL Norge AS (40%) with Lundin Norway AS (30%) and Wintershall (30% before farm-down) as partners. An exploration well is planned to be drilled in the license in 2019.

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

Effective date for the transaction is 1 January 2018.