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16/04-2019 08:10:00: (PANE01) Pandion Energy acquires 20 percent of PL 263 D & E from Equinor

Pandion Energy AS (Pandion Energy) has entered into an agreement with Equinor
Energy AS (Equinor) to acquire a 20 percent interest in licenses PL 263 D and PL
263 E, containing the Appolonia prospect. The licenses are located in the
prolific Haltenbanken area of the Norwegian Sea in blocks 6407/1 and 6507/10,
respectively. The operator is currently maturing the Appolonia prospect, which
in case of a positive drill decision by the partnership may be added to the
operator's exploration drilling program for 2020.

CEO of Pandion Energy, Jan Christian Ellefsen, commented:
"Pandion is very pleased with this acquisition which represents our third
exploration farm-in and the second in the Norwegian Sea. The Appolonia prospect
is located in a very prolific area and makes up a valuable contribution to our
growing portfolio of high quality exploration assets."

PL 263 D was awarded in the 2017 APA round. PL 263 E is a new license to be
carved out from PL 263, which was awarded in the 16th licensing round in the
year 2000. Both licenses are operated by Equinor (70% before farm-down) with
Spirit Energy Norway AS (30%) as a partner. 

The transaction is contingent on completion of the carve-out of PL 263 E from PL
263 and is subject to customary conditions for completion, including approval by
the Norwegian Ministry of Petroleum and Energy.

For more information,contact CEO, Jan Christian Ellefsen, telephone: +47 91 74
48 99
or visit: www.pandionenergy.no

Ekstern link: https://newsweb.oslobors.no/message/474598

Nyheten er levert av OBI.