Pandion Energy is prequalified for the Norwegian continental shelf
Pandion has also received the go-ahead to take over Tullow Oil Norwegian production licenses on the Norwegian Continental Shelf.
Pandion Energy has both been prequalified as a licensee on the Norwegian continental shelf and has at the same time received approval from the authorities to take over Tullow Oil Norway’s production licenses on the Norwegian continental shelf.
This includes a 20 percent stake in license PL 636 that includes the Cara discovery. Cara is an attractive oil and gas find with robust project economy and lies in the northern part of the North Sea, with the Gjøa field as its closest neighbour, it is stated in a press release.
– A milestone
Tullow Oil Norway announced last year that they wanted to abandon the Norwegian continental shelf.
– prequalification of Pandion Energy and closing of the transaction with Tullow Oil Norway AS is an important milestone that demonstrates the quality of both teams and operational platform. Since the company was established in November last year, we have worked out a number of attractive investment opportunities in everything from exploration prospects to development projects. With all the necessary regulatory approvals in place, we are now ready to further develop the portfolio through purchases and participation in licensing rounds, says Jan Christian Ellefsen, CEO of Pandion Energy.
13 from Tullow
Pandion Energy was established in November 2016 and is a privately owned oil and gas company that focuses on exploration and development of oil and gas resources on the Norwegian continental shelf.
– There are five licenses we will take with us when the transaction with Tullow is completed. One of these is Cara in the North Sea, where findings have already been made. The remaining four licenses are exploration licenses, says Ellefsen to Finansavisen.
The company has its headquarter in Oslo and is funded by Kerogen Capital, an international management company that specializes in investments in oil and gas growth companies.
Pandion currently has 14 employees, 13 of whom come from former Tullow Oil Norway, writes Finansavisen.
© NTB Scanpix / Norway Today