December 31, 2018 / 5:01 PM / a year ago

Pandion Energy buys a stake in a Norwegian Sea license

OSLO (Reuters) - Pandion Energy has acquired a 30 percent stake in production license 842 in the Norwegian Sea from Aker BP (AKERBP.OL), the Oslo-headquartered company said on Monday.

Operator Capricorn has a 40 percent stake while Norway’s Skagen44 owns the remaining 30 percent in the 425 square kilometer field.

License 842 was originally granted to Aker BP, Capricorn and Skagen44 in 2016 and is valid until 2023.

Pandion said the partners plan to drill an exploration well in 2019 but did not provide financial details regarding its stake acquisition.

Pandion Energy is backed by Kerogen Capital, an independent private equity fund manager, and is focused on the upstream oil and gas sectors.

Reporting by Nerijus Adomaitis; editing by Jason Neely

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