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Azinor Catalyst Farms into Zennor Petroleum's UKCS Block 14/17a

Source: www.gulfoilandgas.com 12/12/2016, Location: Europe

Azinor Catalyst (Catalyst), the Seacrest Capital Group-backed E&P company focused on the United Kingdom Continental Shelf (UKCS), has signed an agreement to acquire a 50% operated interest in UKCS Licence P.2243 (the Licence), containing Block 14/17a from Zennor North Sea Limited (Zennor).

The Licence is adjacent to Azinor’s Partridge Licence P.1989, containing Blocks 14/11, 14/12 and 14/16. Under the terms of the agreement Catalyst will acquire 50% working interest in P.2243 from Zennor and become operator. Catalyst has committed to an enhanced technical work programme utilising its recently acquired 3D Geostreamer seismic data and significant knowledge that the company has developed in the area over recent years. Following the completion of this work programme the company will make a drill decision with a potential well scheduled for 2018.

Henry Morris, Technical Director of Azinor Catalyst, commented:

“This is a nice addition to the portfolio, the new Geostreamer seismic over the prospect confirms the simple structure whilst providing some further insight into the geological setting. Whilst we see this as incremental to the area development, the prospect on its own is robust. Zennor have done a great job in identifying the potential and our additional work on the Geostreamer will enhance our understanding and hopefully further de-risk prior to any potential drilling event”

Nick Terrell, Managing Director of Azinor Catalyst, commented:

“We are delighted to have secured a 50% operated interest in the P.2243 Licence. This additional acreage compliments are existing position in the area and is adjacent to our exciting Partridge prospect that we are looking to test with the drill bit in the near future. We look forward to working with our partners Zennor North Sea Limited to progress this Licence forward. This deal is directly in-line with our strategy of building a material portfolio of high value UKCS assets, whilst leveraging our technical, commercial and operating capabilities.”

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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