United Kingdom – Tuesday, August 28, 2018:
Azinor Catalyst Limited (“Catalyst”), the Seacrest Capital Group-backed E&P Company focused on the UK Continental Shelf, is pleased to announce that the 9/14a-17 well on the Agar Plantain Prospect, was spudded at approximately 6:00pm on 24 August 2018 using the Transocean Leader drilling rig. Azinor Catalyst has a 25% operating interest in the sole risked well with Nautical Petroleum, a wholly owned subsidiary of Cairn Energy PLC, (50% WI), and Faroe Petroleum PLC (25% WI subject to regulatory approvals).
The 9/14a-16 well is expected to take approximately 28 to 38 days to complete and will be drilled to a depth of 1845m TVDSS. The Plantain exploration prospect will be drilled first followed by a contingent side-track to appraise the Agar discovery.
The Agar Discovery was made 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.
Further announcements on the results of the well will be made in due course.