Azinor Catalyst mobilizes Transocean Leader to drill Agar Plantain

LONDON -- Azinor Catalyst Limited, the Seacrest Capital Group-backed E&P company focused on the UK Continental Shelf, has announced that the Transocean Leader drilling rig has come on contract for the Agar Plantain exploration and appraisal well and Faroe Petroleum PLC has farmed-into Agar Plantain subject to customary regulatory and joint venture party consents.

Faroe announced on August 14, 2018, that it will take a 25% interest in the sole risk drilling activity on the Agar Plantain opportunity and 12.5% of the wider P1763 License with Catalyst’s existing partners.

The Transocean Leader has been contracted by Catalyst to commence drilling on the prospect, with total estimated gross costs of $15 million. The Plantain exploration prospect will be drilled first followed by a contingent side-track to appraise Agar oil field.

Catalyst holds a 50% interest in Blocks 9/9d and 9/14a, which contain the Agar discovery and the Plantain Prospect. Catalyst made the Agar Discovery in 2014 with the 9/14a-15A exploration well, which encountered a 33-ft column (oil-down-to) in high quality Eocene Frigg Formation sands. Agar and Plantain have estimated combined mid-case resources of 60 MMboe, with an upside case of 98 MMboe.

Further announcements on the spudding of the wells will be made in due course.