Azinor Catalyst (Catalyst) revealed that an undisclosed party has issued it a letter of intent (LOI) to acquire non-operated stakes in the company’s three exploration wells on the Boaz, Goose and Hinson prospects located offshore UK.
The Seacrest Capital Group-backed Catalyst said that the three independent prospects are believed to hold combined gross unrisked Pmean prospective resources of 495 million barrels of oil equivalent. Drilling of the three wells is planned for next year.
Catalyst managing director Nick Terrell said: “2019 is set to be another exciting year for Catalyst, as we firm-up plans to drill these three high impact exploration wells across our UK North Sea portfolio.
“The receipt of this Letter of Intent represents further industry endorsement of our exploration focused strategy and high quality team.”
By using new generation broadband seismic data and best practice geoscience techniques, the company said that the prospects have been defined and de-risked. Further, all the three prospects are large, high value North Sea exploration opportunities ranging in different play types and located near existing infrastructure and export routes.
Catalyst technical director Henry Morris said: “These three prospects are all located in reservoir types that continue to deliver material commercial hydrocarbons in the North Sea.
“Now is the opportune time to spin the drill-bit with low rig-rates and an attractive fiscal regime; and this, coupled with our upfront investment in a large high-quality seismic database, integrated with quantitative geoscience, represents a highly compelling de-risked investment opportunity.”
According to Catalyst, the Boaz prospect in South Viking Graben is a large untested Triassic titled fault block located close to the UK/Norway media line and on trend to the Triassic Eirin gas condensate discovery made in Norway.
The Goose prospect is located in the Outer Moray Firth and is a stratigraphic trap having a Lower Cretaceous Scapa sandstone objective.
On the other hand, the Hinson prospect, located in the West Central Graben, features a large Upper Jurassic stratigraphic trap near the hanging wall of the West Central Graben bounding fault.
Catalyst also said that the data being generated from further analysis of the well results of the Agar Plantain discovery have been promising. The company alongside its partners plans to define the discovery further and its potential exploration and appraisal drilling activity.