Azinor Catalyst to Acquire 40% Interest in License P.1979
Azinor Catalyst, a Seacrest Capital Group-backed exploration and production company focused on the United Kingdom Continental Shelf, announced Wednesday that it has signed an agreement with Xcite Energy Resources plc to acquire a 40 percent working interest in License P.1979, which contains Blocks 9/4a, 9/8b and 9/9h in the UKCS.
Under the terms of the agreement, Catalyst will undertake a technical evaluation of the license area to more accurately delineate and appraise the prospects identified by Xcite Energy. After the technical evaluation has been completed, and subject to approval from the Secretary of State for Energy and Climate Change, Catalyst will hold a 40 percent working interest in the license. If further analysis, such as an induced polarization survey, is required to further de-risk the area, Catalyst would undertake this at its own expense in return for a further 10 percent stake.
Henry Morris, technical director of Azinor Catalyst, commented in a company statement:
“We are very pleased to have captured this license in this highly prospective region. Historically, poor quality 3D seismic over the block has meant that the visualizing of the reservoir and its fluid fill has been difficult. However, recently acquired 3D geostreamer seismic data is helping us to improve our understanding of the region’s prospectivity. The exploration team and I are very excited by the potential of the area and through detailed quantitative interpretation techniques we will be able to refine the subsurface potential of the license. This deal follows our strategy of advancing and unlocking the potential of UK plays and prospects through new data and new technology.”
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