Twin-to-twin transfusion syndrome is a condition in which identical twins share a certain pattern of vascular connections in the placenta. This leads to an imbalance in the blood flow that, if not treated, may result in a fatal outcome for both twins. To treat this condition, a surgeon explores the placenta with a fetoscope to find and photocoagulate all intertwin vascular connections. However, the reduced field of view of the fetoscope complicates their localization and general overview. A much more effective exploration could be achieved with an online mosaic created at exploration time. Currently, accurate, globally consistent algorithms such as bundle adjustment cannot be used due to their offline nature, while online algorithms lack sufficient accuracy. We introduce two pruning strategies facilitating the use of bundle adjustment in a sequential fashion: (1) a technique that efficiently exploits the potential of using an electromagnetic tracking system to avoid unnecessary matching attempts between spatially inconsistent image pairs, and (2) an aggregated representation of images, which we refer to as superframes, that allows decreasing the computational complexity of a globally consistent approach. Quantitative and qualitative results on synthetic and phantom-based datasets demonstrate a better trade-off between efficiency and accuracy.