Pandion Divests 10% Interests in PL 636 and PL 636B to PGNiG and Solveig Gas

Updated 1 year 6 months ago

Pandion agreed in early November 2019 to divest its 20% share in the Duva field through separate transactions with PGNiG and Solveig Gas, each acquiring a 10% share in PL 636 and PL 636B. The Duva oil and gas field is located in the northern North Sea and was discovered in the autumn of 2016. The plan for development and operation (PDO) was approved earlier this year, less than three years after discovery. With recoverable reserves of 88 million bbl of oil equivalent, the field is expected to produce around 30,000 bbl/d of oil equivalent at its peak. The Duva field will be developed as a subsea tie-back to the nearby Gjøa platform, with first production expected in late 2020 or early 2021.

The transaction with Solveig Gas closed in late December, and the PGNiG sale is expected to be completed in early 2020.