Azinor Catalyst farms-out Boaz and Hinson prospects ahead of three-well 2020 drilling programme

United Kingdom – Friday, May 3, 2019:

Azinor Catalyst Limited (“Catalyst”), the Seacrest Capital Group-backed E&P Company focused on the UK Continental Shelf, is pleased to announce it has committed to the Oil and Gas Authority (“OGA”) to the drilling of two wells in 2020.  These two firm wells form part of a three well 2020 campaign.

Catalyst have signed a Letter of Intent (“LOI”) with Maersk Drilling A/S (“Maersk Drilling”) to deliver the full campaign under the scope of the master alliance agreement between Seapulse and Maersk Drilling.  Preparations for drilling of these wells is under way.  A fully integrated agreement for Maersk Drilling to provide end-to-end drilling services for all three operations is expected to be finalised in due course.

Catalyst has signed farm-out agreements with Seapulse Limited (“Seapulse”), for the drilling of the Boaz and Hinson wells.  The Goose well farm-out negotiations are progressing and an announcement is expected in due course.

The three prospects; Boaz, Hinson and Goose have been defined and de-risked utilising new-generation broadband seismic data and leading-edge quantitative geoscience techniques. The three independent prospects are estimated to contain combined gross unrisked Pmean prospective resources of 495 million barrels of oil equivalent.

Nick Terrell, Managing Director of Azinor Catalyst, commented:

“We are delighted to commit to drilling these high-value North Sea exploration opportunities. What is particularly pleasing, is that not only will we benefit from bringing Seapulse into the partnership, but we will be partnering with Maersk Drilling under the Seapulse – Maersk Drilling Alliance, which will bring additional operational efficiencies during our back-to-back three-well drilling campaign.”