United Kingdom – Tuesday, March 14, 2017:
Azinor Catalyst (“Catalyst”), the Seacrest Capital Group-backed E&P company focused on the United Kingdom Continental Shelf (“UKCS”), is pleased to announce the completion of the Partridge Prospect (the ‘Prospect’) site survey in the UK North Sea.
The survey was conducted by Gardline Geosurvey Limited using Gardline’s MV Sea Explorer, an integrated geophysical, geotechnical and environmental survey vessel. The results of the survey will be used for final surface positioning of the well ahead of drilling operations later in 2017. The survey was completed on budget and on schedule.
The Partridge Prospect
Catalyst secured a 100% operated interest in blocks 14/11, 14/12 and 14/16, which contain the Partridge Prospect, in December 2015. The Prospect is located within the Jura Sub-Basin of the Outer Moray Firth and is adjacent to the Scapa, Claymore and Athena oil fields.
The Partridge Prospect’s pre-drill recoverable volumes have been estimated at 119 million barrels oil equivalent in the mid case, with an upside case of 260 million barrels oil equivalent. The Prospect has a relatively shallow and normally pressured reservoir with an estimated gross well cost of US$8-9 million.
Nick Terrell, Managing Director of Azinor Catalyst, commented:
“The completion of site survey operations is an important step towards drilling the Partridge Prospect later this year. Operationally we are very pleased to have completed the survey on time, on budget and with adherence to the highest HSE standards. We are now in the process of securing a rig for the well and are continuing to progress our planning and permitting activities”.