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Azinor Catalyst, the E & P Company Backed by Seacrest Capital Group, Mobilized the Transocean Leader Drilling Rig to the Agar Plantain Exploration and Evaluation Well in the UK Continental Shelf.
Additionally, Azinor Catalyst confirmed on Monday that Faroe Petroleum stated that the Agar Plantain is subject to the usual approvals from regulatory parties and joint ventures. That is, Faroe announced on August 14, 2018, that it will have a 25% interest in the exclusive high-risk drilling activity at the Agar Plantain opportunity and 12.5% of the broader P1763 license in the South Viking Graben area with Catalyst’s existing partners.
Transocean was contracted by Catalyst to initiate drilling of the prospect, with total gross costs estimated at US $ 15 million. The Plantain exploration prospect will be drilled first followed by a contingent side track to evaluate the Agar oil field.
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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 that found a 33-foot (oil-down-to) column in high-quality Eocene Frigg Formation sands.
Agar and Plantain estimated combined average resources of 60 million barrels of oil equivalent, potentially reaching up to 98 million barrels of oil equivalent.
Nick Terrell, CEO of Azinor Catalyst, commented: “We are very pleased to have mobilized Transocean as we quickly approach drilling and welcome Faroe to the license. Given Faroe’s strategy of being highly selective in the UKCS, its participation in this well and entry into the license is a strong endorsement of Catalyst as operator, the technical work we have completed to date, and the significant potential of the prospect.”
Henry Morris, Technical Director of Azinor Catalyst, added: “It is great to be starting drilling operations at Agar Plantain, the opportunity has received significant backing from the industry, and now it is up to the drill to test our understanding of the seismic and subsurface.”
“In the same vein, we are making good progress with the 2019 drilling campaign. The three prospects (Goose, Boaz, and Hinson) are of equal quality to the Agar Plantain and to the types of plays/reservoirs that are under-explored and so far have proven to have commercially sized opportunities for the market. It is an exciting time, low rig rates, great opportunities, good fiscal terms, and a market that is striving to replenish its ever-decreasing stocks.”
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