document: On 15 August 2018 Pandion announced that it has agreed a deal with Wintershall to acquire 10% of the latterâs interest in PL 820 S. The licence lies between Balder / Ringhorne and Jotun and covers parts of blocks 25/7 and 25/8. The northerly section of the licence lies across the southwestern part of the Jette field (abandoned) and this section applies only below Base Pliocene (the southerly section applies to all levels). An exploration well is due to be drilled in PL 820 S in 2019. The deal is subject to government approval and will be financially effective from 1 January 2018.  Aker BPâs Jette was discovered by 25/8-17 in 2009 and contained oil in a Paleocene Heimdal Formation reservoir. It was brought onto production in May 2013 via a subsea template tied into Jotun A (an FPSO). Jotun itself was expected to continue producing until 2021 but water-cut in 2015 was 97% and production from tied-in fields had been declining. Therefore, both Jotun and Jette came off production in December 2016.   Development of Jette had been challenging since the beginning: problems with the first producer meant that the development plan was subsequently revised to consist of two (shorter than planned) horizontal producers on the southern segment (which was believed to contain recoverable reserves of 5-9 MMboe) rather than one long horizontal on each of the south and north segments as originally planned. Due to a number of issues, including higher than expected costs and the reduction in recoverable reserves, profitability at Jette was lower than Aker BPâs initial estimates. The problems continued into production, with total 2014 production being less than half that of the six months of 2013, and 2015 production being only half of 2014 volumes.  The deadline for final disposal of the Jette field facilities has been delayed to the end of 2020. Initial plans were to complete the work by 2018, based on production from the field ceasing in January 2016. However, as production continued until December 2016 the timescale has changed. Work will begin on the removal of some of the seabed infrastructure in summer 2018 and permanent plugging and abandonment of the wells will now be completed by 2019, after which the main seabed structures will be removed.   Following completion of the deal, interest in PL 820 S will be held by MOL Norge AS (40% + operator), Lundin Norway AS (30%), Wintershall Norge AS (30%) and Pandion Energy AS (10%).
summary: Pandion will acquire a 10% interest in PL 820S from Wintershall (->20%, MOL 40% op. Lundin 30%).