Pandion Energy has received approval for the acquisition of all licences in Tullow Oil Norge’s existing portfolio, including a 20% interest in the field containing the Cara oil and gas discovery.
The company, which was formed in November 2016, is a private oil and gas company focusing on exploration, appraisal and development opportunities in the Norwegian Continental Shelf.
Pandion Energy’s chief executive Christian Ellefsen said: “The pre-qualification 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.”
The team behind Pandion Energy has worked together for 10 years at Tullow Oil Norge and its predecessor Spring Energy.
Thepartners in the production licence PL 636 are operator Engie E&P (30%), Idemitsu Petroleum Norge (30%) and Wellesley Petroleum (20%).
The remaining 20% interest owned by Tullow has now gone to Pandion.