London primarily based Azinor Catalyst Limited, the Seacrest Capital Group-backed E&P firm centered on the UK Continental Shelf, introduced that the Transocean Leader drilling rig has come on contract for the Agar Plantain exploration and appraisal effectively and Faroe Petroleum PLC has farmed-into Agar Plantain topic to customary regulatory and three way partnership occasion consents.
Faroe introduced on August 14, 2018, that it’s going to take a 25% curiosity within the sole danger drilling exercise on the Agar Plantain alternative and 12.5% of the broader P1763 Licence with Catalyst’s present companions.
The Transocean Leader has been contracted by Catalyst to begin drilling on the prospect, with whole estimated gross prices of $15 million. The Plantain exploration prospect will probably be drilled first adopted by a contingent side-track to appraise the Agar oil subject.
Azinor Catalyst holds a 50% curiosity in blocks 9/9d and 9/14a, which include the Agar Discovery and the Plantain Prospect. Catalyst made the Agar Discovery in 2014 with the 9/14a-15A exploration effectively which encountered 33ft column (oil-down-to) in top quality Eocene Frigg Formation sands. Agar and Plantain have estimated mixed mid-case sources of 60 million barrels oil equal, with an upside case of 98 million barrels oil equal.
Azinor Catalyst made the Eocene Agar oil discovery in 2014 with effectively 9/14a-15A, which encountered a 33ft oil-down-to in top quality Eocene Frigg Formations sands. (Source and picture: Azinor Catalyst)
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