August 21, 2018

London based Azinor Catalyst Limited, the Seacrest Capital Group-backed E&P company focused on the UK Continental Shelf, announced that the Transocean Leader drilling rig has come on contract for the Agar Plantain exploration and appraisal well and Faroe Petroleum PLC has farmed-into Agar Plantain subject to customary regulatory and joint venture party consents.
Faroe announced on August 14, 2018, that it will take a 25% interest in the sole risk drilling activity on the Agar Plantain opportunity and 12.5% of the wider P1763 Licence with Catalyst’s existing partners.
The Transocean Leader has been contracted by Catalyst to commence drilling on the prospect, with total estimated gross costs of $15 million. The Plantain exploration prospect will be drilled first followed by a contingent side-track to appraise the Agar oil field.
Azinor Catalyst holds a 50% interest in blocks 9/9d and 9/14a, which contain the Agar Discovery and the Plantain Prospect. Catalyst made the Agar Discovery in 2014 with the 9/14a-15A exploration well which encountered 33ft column (oil-down-to) in high quality Eocene Frigg Formation sands. Agar and Plantain have estimated combined mid-case resources of 60 million barrels oil equivalent, with an upside case of 98 million barrels oil equivalent.
Azinor Catalyst made the Eocene Agar oil discovery in 2014 with well 9/14a-15A, which encountered a 33ft oil-down-to in high quality Eocene Frigg Formations sands. (Source and image: Azinor Catalyst)