The PL 842 license is spread across the 6608/10, 11 and 12 blocks, located east-northeast of the producing Norne oil field, which is operated by Equinor Energy.

Through the deal, Aker BP will be exiting the offshore license where an exploration well is slated to be drilled this year. Awarded in the 2015 APA round, the PL 842 license is operated by Capricorn Norge with a stake of 40% with Skagen44 being the third partner with a stake of 30%.

Pandion Energy’s acquisition of the Aker BP stake will be subject to meeting of customary closing conditions such as approval from the Norwegian Ministry of Petroleum and Energy and others.

Pandion Energy CEO Jan Christian Ellefsen said: “With the acquisition of a 30 percent interest in PL842, we make our first farm-in into the Norwegian Sea.

“The license is located in a prolific part of the Norwegian continental shelf with multiple fields and discoveries and fits well with our strategy to invest in high quality exploration opportunities where we see an attractive risk-reward relationship.”

In August 2018, Pandion Energy signed a deal with Wintershall Norge to acquire a stake of 10% in PL 820S located in the Norwegian North Sea. PL 820S is contained in blocks 25/7 & 8, located north-northwest of the Balder and Ringhorne fields.

The license, which was awarded in the 2015 APA round, is operated by MOL Norge with a stake of 40% with the other owners being Lundin Norway (30%) and Wintershall, which will reduce its stake to 20% following the closing of the transaction with Pandion Energy.

The partners of the PL 820S are planning to drill an exploration well this year.

Headquartered in Oslo, Pandion Energy is a private oil and gas company having stakes in licenses on the Norwegian continental shelf.

About a year ago, the company bagged two new exploration licenses – PL 912 and PL 929 under the 2017 Norwegian APA License Round on the Norwegian Continental Shelf.