Month: January 2019

Pandion Energy has recently embarked on the process of digitalization of its subsurface capabilities through applying new digital solutions to geological and geophysical data. The objective is to drive innovation and enhance efficiency in the exploration for oil and gas on the NCS.

This work has been motivated by Kerogen Capital, the company’s financial backer, selecting Pandion Energy as their first pilot case for developing an advanced digital subsurface platform (KAI) as part of their wider investments into energy technology under Kerogen Digital Solutions. As part of this, Pandion Energy has partnered with Computas and Google and mobilized a dedicated team comprising machine learning, datascience and geoscience experts for its digitalization effort.

“We believe these partnerships will be very beneficial for all parties, sharing innovation and agility as two important drivers for our digital venture”, says Jan Christian Ellefsen, CEO of Pandion Energy.

Being the first non-operator partnering with Google on the NCS, he further states he believes Pandion Energy is an attractive partner recognized for it’s subsurface expertise and lean decision making processes, demonstrated by the Company’s rapid growth since inception. These are characteristics that will enable swift testing and implementation of new digital solutions. Being backed by Kerogen Capital represents further opportunities with regard to cooperation and sharing across the industry.

“Pandion has always had a holistic approach to our exploration activities. Having Kerogen to select us as their first pilot case for developing an advanced digital subsurface platform, also reflects on the potential in digitalization on the NCS”, adds Ellefsen.

 

Digex 2019

Pandion Energy will be present at the Digex 2019 – The Digital Subsurface conference held at Gardermoen, Norway, Wednesday 30^th and Thursday 31^st of January.

Represented by Kine Johanne Årdal, Digitalisation Manager in Pandion Energy:
kine.ardal@pandionenergy.no
+47 91 61 54 09

Pandion Energy has been awarded two licenses under the 2018 Norwegian APA (Awards in Pre-defined Areas) License Round on the Norwegian Continental Shelf.

The APA award was announced by the Minister of Petroleum and Energy (MPE), Kjell-Børge Freiberg on Tuesday 15. January. For more information about APA 2018 see MPE’s website.

Pandion Energy has been awarded the following licenses:

• License PL 985 (blocks 25/5, 6, 8 and 9) is located in the Central North Sea, north and east of the Ringhorne and Jotun Fields, respectively. Pandion Energy considers this to be an interesting area for exploration near infrastructure and acquired last year a participating interest in PL 820 S, southeast of the awarded area, where a well is planned to be drilled during 2019. Pandion Energy has been offered a 20% participating interest in PL 985.
• License PL 636 B (blocks 36/7) is additional acreage to PL 636, where the license partners are planning to submit a Plan for Development and Operation (PDO) for the Cara discovery within a short time.  The license is located on the Måløy slope, east of Gjøa field in a strategic core area for Pandion Energy. Pandion Energy has been offered a 20% participating interest in PL 636 B.

“The APA licensing rounds are important to us, and we have as previous years applied in selective areas where we see an attractive resource potential. We are pleased to get these awards and look forward to commencing the work on our new licenses”, says Jan Christian Ellefsen, CEO of Pandion Energy.

In December 2018, Pandion Energy reached average daily production of 5,000 barrels per day. This was achieved in less than 12 months since the completion of the Valhall & Hod transaction with Aker BP, in which the Company acquired a 10 percent interest in the assets, and only 1,5 years after the Company was prequalified as a partner on the NCS.

Pandion expects to continue to increase production through bringing in new projects onstream, such as Cara and Valhall West Flank development projects.

Jan Christian Ellefsen, the CEO of Pandion Energy commented:

“I am very pleased with our team and the strong support from our financial sponsor Kerogen Capital, a powerful combination that has enabled us to grow so rapidly.  Looking back at the business plan we started out with two years ago, we have achieved most of our growth objectives in less than half the time.”

Jan Christian Ellefsen continues:

Going forward, we will maintain our full-cycle strategy across all phases from exploration through to production on the NCS, and we will continue to actively seek opportunities through licensing rounds, farm-ins as well as M&A.