United Kingdom – Wednesday, November 11, 2015:
Azinor Catalyst (“Catalyst”), the Seacrest Capital Group-backed E&P company focused on the United Kingdom Continental Shelf (“UKCS”), is pleased to announce that it has signed an agreement with Xcite Energy Resources plc, a wholly owned subsidiary of Xcite Energy Limited, to acquire a 40% working interest in Licence P.1979 (“the Licence”), containing Blocks 9/4a, 9/8b and 9/9h in the UKCS.
Under the terms of the agreement, Catalyst will undertake a detailed technical evaluation of the Licence 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% working interest in the Licence.
Following the initial work programme outlined above, Catalyst and Xcite Energy will determine whether further analysis, such as an Induced Polarization survey, is required to further de-risk the area. If this course of action is agreed, Catalyst would undertake the Induced Polarization survey at its own expense in return for a further 10% stake in the Licence.
Henry Morris, Technical Director of Azinor Catalyst, commented:
“We are very pleased to have captured this licence in this highly prospective region. Historically, poor quality 3D seismic over the block has meant that the visualising 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 licence.
This deal follows our strategy of advancing and unlocking the potential of UK plays and prospects through new data and new technology.”