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Azinor Catalyst, the E&P company backed by Seacrest Capital Group, has mobilized the Transocean Leader drilling rig for the Agar Plantain exploration and appraisal well on the UK Continental Shelf.
In addition, Azinor Catalyst confirmed on Monday that Faroe Petroleum said Agar Plantain is subject to customary regulatory and joint venture party approvals. Namely, Faroe announced on August 14, 2018, that it will take a 25% stake in the exclusive venture drilling activity in the Agar Plantain opportunity and 12,5% of the wider P1763 license in the South Viking Graben area with existing partners by Catalyst.
Transocean has been contracted by Catalyst to begin drilling on the prospect, with total estimated gross costs of US$15 million. The Plantain exploration prospect will be drilled first followed by a contingent sidetrack to assess the Agar oil field.
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Catalyst owns a 50% stake in blocks 9/9d and 9/14a, which contain the Agar Discovery and Plantain Prospect. Catalyst did the Agar Discovery in 2014 with exploration well 9/14a-15A which encountered a 33-foot column (oil-down-to) in high quality Eocene Frigg Formation sands.
Agar and Plantain estimated a combined average resource of 60 million barrels of oil equivalent, rising to 98 million barrels of oil equivalent.
Nick Terrell, Executive Director of Azinor Catalyst, commented: “We are delighted to have mobilized Transocean as we quickly approach drilling and welcome the Faroe to the licence. Given Faroe's strategy to be highly selective in the UKCS, its participation in this well and entry into the license is a strong endorsement of Catalyst as an operator, the technical work we have completed to date and the significant potential of the prospect. ”
Henry Morris, Technical Director at Azinor Catalyst, added: “It's great to start drilling operations at Agar Plantain, the opportunity has received significant industry support, and now it's up to the drill to test our understanding of seismic and subsurface.
“In the same vein, we are progressing well with the 2019 drilling campaign. The three prospects (Goose, Boaz and Hinson) are of equal quality for Agar Plantain and for game/reservoir types that are under-exploited and that even now have proven to have commercial-sized opportunities to market. It's exciting times, low rig rates, big opportunities, good fiscals and a market that is scrambling to restock its dwindling inventories. ”
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