Concedo, a Norwegian oil and gas company, is undergoing a significant strategic transformation, moving from a pure exploration entity to an exploration and production company with ambitions to become an operator and increase its production. This shift is underscored by the successful Kjottkake discovery and its rapid development plan.

Strategic Evolution and Ownership

Historically a pure exploration company, Concedo participated in 22 exploration wells, resulting in 11 discoveries, and operated on a non-operator model, selling interests to fund further exploration. A pivotal change occurred in 2023 when the Lundin family, through its holding company Attica Exploration, acquired Concedo. This acquisition expanded the company's strategy to include production, marked by the acquisition of a 20% interest in the producing Boyla field. The company's shareholders are now targeting further growth.

Ambition to Become an Operator

A key part of Concedo's growth plan is to become an operator, a move intended to provide more steering power and potentially a higher share in some licenses. However, the company acknowledges that for the development phase of future discoveries, particularly subsea tie-ins, it may step aside for a larger, more experienced operator. Establishing close cooperation with the host facility operator is considered crucial for such projects.

Kjottkake: A Model for Success

The Kjottkake field exemplifies Concedo's successful strategy. Concedo owns 15% in the field, having farmed in during the pre-drill phase. While discovered under DNO's operatorship, the fast-track development is being executed by Aker BP, which has specific expertise in developing injectite sands and established supplier alliances. The development required close cooperation with Vaar Energi and Harbour Energy, the operators of the Gjoa and Nova facilities, respectively. The rapid commercialization plan for Kjottkake, targeting first oil in the first half of 2028, has been a particularly positive outcome.

Active Shareholder Involvement and Production Goals

The Lundin family's involvement is active, not passive. Axel Lundin, CEO of Attica and a board member at Concedo, brings years of E&P experience and actively contributes ideas for the company's development. Increasing production is a primary objective. Current production comes from the Boyla field, which provides about 2000 barrels per day net to Concedo. Future production growth is anticipated from the Dugong discovery, near the Snorre facility, where development progress is showing signs of acceleration, and the Froskelar discovery, which extends into the UK sector.

Ongoing Exploration Focus

Concedo remains a committed explorer with interests in 12 licenses in the northern North Sea and one in the Barents Sea. The North Sea is the main focus due to the company's strength and familiarity with the area. Of particular interest are three licenses north of the Troll field, where Concedo, with operators Vaar and Shell, aims to improve geological understanding and potentially drill wells. Success here could be significant as hydrocarbon migration is considered a challenge in the area. In the Barents Sea, Concedo holds a 50% interest in the David oil prospect near the Goliat field, operated by Vaar. Drilling is hoped for in 2026, with a 40% chance of success, and any discovery could be easily tied back to the Goliat facility.