Azinor Catalyst announces results of the 14/11a-2 well on the Partridge Prospect

United Kingdom – Friday, September 8, 2017:

Azinor Catalyst Limited (“Catalyst”), the Seacrest Capital Group-backed E&P Company focused on the UK Continental Shelf, announces that the 14/11a-2 well on the Partridge Prospect, was drilled to its target depth of 2,443m TVDSS, and while it encountered excellent quality reservoir rocks, hydrocarbons were not present and the well has now been plugged and abandoned.

The well was drilled on time, on budget and with no HSE incidents. Wireline logging was performed on the target formation, before commencing operations to P&A the well. The rig is currently being demobilised having been on contract for a total of 27 days.

The company will now drill its appraisal well to test the Agar Discovery and Plantain Prospect in Q2 2018, to allow time to analyse the results of Apache’s adjacent Titan exploration well. The Titan well is due to commence in Q4 2017 and will test the same play as the Plantain Prospect in the adjacent block.

Nick Terrell, Managing Director of Azinor Catalyst, commented:

“While we are disappointed with the result of the Partridge well, the very high quality sandstones which we encountered in the target reservoir both reinforces our geological model and de-risks key elements of the wider play, which we captured through the recent UK 29th Round.

With strong industry support for the Partridge Prospect, we were able to execute two transactions ahead of drilling, one of which was with a Major, resulting in very limited financial exposure to Catalyst.

I would also like to thank our in-house team, contractors and the Ocean Guardian crew who were exceptional throughout the operation in delivering safe and efficient operations on Partridge, which resulted in the execution of one of the lowest cost UK exploration wells in recent times.

We look forward to making further announcements in regards to our partners in due course, as well as to working with our drilling and service contractors when we drill our Agar/Plantain well next year.”

Henry Morris, Technical Director of Azinor Catalyst, commented:

“Reservoir was one of the key risks for Partridge, but now that we have a better handle on this, along with its seismic signature, we are well-positioned to progress de-risking the wider potential of the Lower Cretaceous play – find the sands and the oil will follow. We continue to believe that there is huge potential both on and off the licence, a previously underexplored area. Critical information that we have gained, such as reservoir insights, greatly aid our future exploration of the area, in particular on our new licences to the north-east: P2316 and P2317.

Our ability to farm-down and secure commercially aligned partners in these difficult market conditions confirms the high quality of the acreage, and the excellence of the geoscience performed.

The team will continue to progress the Agar Discovery and Plantain Prospect through appraisal and development, and we look forward to the outcome of Apache’s Titan well, which will provide valuable information ahead of our planned well in Q2 2018.”