Azinor Catalyst is pleased to announce the spudding of the 14/11a-2 well on the Partridge Prospect

United Kingdom – Tuesday, August 15, 2017:

Azinor Catalyst Limited (“Catalyst”), the Seacrest Capital Group-backed E&P Company focused on the UK Continental Shelf, is pleased to announce that the 14/11a-2 well on the Partridge Prospect, was spudded at approximately 6.30 am on 15 August 2017 using the Ocean Guardian semisubmersible drilling rig. Azinor Catalyst has a 100% Operating interest in the well.

The 14/11a-2 well is expected to take around 30 days to complete and will be drilled to a depth of 2,450m TVDSS. It is then the company’s intention to immediately mobilise the Ocean Guardian to the Viking Graben where preparations will commence to drill a second well, which will appraise the Agar Discovery and includes a sidetrack to test the Plantain Prospect.

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.

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

 

Nick Terrell, Managing Director of Azinor Catalyst, commented:

 “This is an extremely exciting time for Azinor Catalyst as we commence our operated drilling campaign this summer. The high impact Partridge well is our first operated exploration well and a significant milestone for the company. Our focus is now on delivering a safe and efficient operation, working closely with our drilling and service contractors. Once our Partridge well has been completed, we hope to move the Ocean Guardian drilling rig to our Agar discovery where an appraisal well is planned to delineate this high potential accumulation”.

“Both of these wells and plays have huge prospectivity and we look forward to providing further updates on operations in due course.”

 

The Partridge Prospect

Catalyst acquired a 100% operated interest in blocks 14/11a, 14/12a and 14/16a, which contain the Partridge Prospect, in December 2015.

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 and is located within the Jura Sub-Basin of the Outer Moray Firth, adjacent to prolific oil fields including the Scapa, Claymore and Athena oil fields.

The Prospect is a large, structurally controlled, stratigraphic trap comprising deep-water mass flow sands of the Lower Cretaceous Scapa Sandstone Member and has an associated direct hydrocarbon indicator. This seismic signature is directly analogous to the one observed in the Lower Cretaceous sands at the producing Scapa and Claymore Fields.

 

Map of the Partridge Prospect


Partridge

 

About the Agar Discovery and Plantain Prospect

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

Located in the South Viking Graben, Agar and Plantain are c.12 km east of Apache’s Beryl field and c.14 km west of Aker BP’s Alvheim hub.

 

Map of the Agar Discovery and Plantain Prospect

Agar