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Azinor Catalyst Signs Rig Contract For Offshore Drilling Partridge in Q3 2017

Source: 5/5/2017, Location: Europe

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Azinor Catalyst, the Seacrest Capital Group-backed E&P company focused on the United Kingdom Continental Shelf ('UKCS'), has awarded a rig contract to Diamond Offshore Drilling (UK) for the Ocean Guardian semisubmersible rig to drill two operated wells in Q3 2017. The first exploration well will target the Partridge Prospect which will be immediately followed by an appraisal well to test the Agar Discovery and Plantain Prospect.

The Partridge Prospect
Catalyst acquired a 100% operated interest in Blocks 14/11a, 14/12a and 14/16a, which contain the Partridge Prospect, in December 2015. Drilling of the Partridge exploration well is expected to take approx. 25 days.

The Partridge Prospectís pre-drill recoverable volumes have been estimated at 119 million barrels oil equivalent in the mid case, with an upside case of 260 million barrels oil equivalent. The Prospect has a relatively shallow and normally pressured reservoir and is located within the Jura Sub-Basin of the Outer Moray Firth, adjacent to the Scapa, Claymore and Athena oil fields.

The Prospect is a large structurally controlled stratigraphic trap comprising deep-water mass flow sands of the Lower Cretaceous Scapa Sandstone Member and has an associated direct hydrocarbon indicator. This seismic signature is directly analogous to the one observed in the Lower Cretaceous sands at the producing Scapa and Claymore Fields.

The Agar Discovery and Plantain Prospect
Catalyst holds a 50% interest in Blocks 9/9d and 9/14a, which contain the Agar Discovery and 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.

Located in the South Viking Graben, Agar and Plantain are c.12 km east of Apacheís Beryl field and c.14 km west of Aker BPís Alvheim hub. Drilling of the Agar appraisal well is expected to take approx. 35 days and includes a sidetrack to test the Plantain Prospect.

Nick Terrell, Managing Director of Azinor Catalyst, commented: 'We are delighted to have secured the Ocean Guardian rig to drill our high impact Partridge Prospect. This is an excellent time to be drilling exploration wells in the UK North Sea. A successful outcome at Partridge would not only generate huge value for the company, but also unlock significant upside potential in the exciting Lower Cretaceous play in nearby acreage which we secured access to through our recently awarded 29th Round Licences.

We are also extremely pleased to announce our plans to appraise our highly material and low risk Agar Discovery and Plantain Prospect this summer. This follows our successful 2014 Agar exploration well, which encountered high quality oil bearing Eocene sands adjacent to the UK Beryl and Norwegian Alvheim Fields in block 9/14a.

We continue to work very closely with our partners, contractors and the regulator to deliver a safe and efficiently operated drilling campaign this summer.'

Henry Morris, Technical Director of Azinor Catalyst, commented: 'Itís great to be moving forward with these two opportunities. Both prospects and plays have huge potential which will be unlocked by these wells.

The Agar/Plantain Eocene age reservoir is proven to be working directly over the median line in Norway for Aker BP at Volund. Agar and Plantain share the same seismic characteristics as Volund and look bigger. We tagged the up dip end of Agar in 2014, proving the trap works and that the supporting seismic anomaly is hydrocarbon bearing.'

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