Vår Energi Completes Acquisition of Pandion Energy’s Assets

(Credit: Vår Energi)

Vår Energi has completed the acquisition of selected assets and licenses from Pandion Energy, adding stakes in the producing Nova field, the Ofelia development and the Sierra Solberg discovery.

The transaction gives Vår Energi a 10% interest in Nova, a 20% stake in Ofelia and a 49% interest in Sierra Solberg, as well as a portfolio of exploration licences in the Gjøa area.

The acquisition, first announced on June 18 for a cash consideration of $110 million, strengthens Vår Energi's position around the Gjøa and Åsgard areas and increases its ownership across producing assets and development projects.

The exploration portfolio includes Annabelle, which Vår Energi said when announcing the transaction was planned to be drilled later this year.

Nova provides the company with additional near-term production and, prior to the acquisition, was the only producing asset tied to the Gjøa infrastructure in which Vår Energi did not have an ownership interest.

The deal is part of Vår Energi's strategy of concentrating ownership around key operated hubs to support long-term production and extend the use of existing infrastructure.