Azinor Catalyst signs LOI with Transocean for Leader Rig to Appraise Agar – Plantain Opportunity in Q3 2018

United Kingdom – Tuesday, May 22, 2018:

Azinor Catalyst Limited (“Catalyst”), the Seacrest Capital Group-backed E&P Company focused on the UK Continental Shelf, is pleased to announce that it has signed a Letter of Intent (“LOI”) with US listed drilling company, Transocean. The Transocean Leader, a semisubmersible, will be provisioned to drill a well to appraise the company’s Agar – Plantain opportunity.

Catalyst is currently in the advanced stages of planning and preparation for the well which, subject to the receipt of required regulatory approvals, is scheduled to spud in Q3 2018.

The Agar – Plantain Opportunity

Located in the South Viking Graben, Agar – Plantain is c.12 km east of Apache’s Beryl field and c.14 km west of Aker BP’s Alvheim hub. Drilling of the Agar appraisal well is expected to take approximately 35 days and includes a sidetrack to test the Plantain Prospect.

Nick Terrell, Managing Director of Azinor Catalyst, commented:

“We are very pleased to have taken this important step towards drilling Agar – Plantain. Signing this LOI provides the company with a window of exclusivity to finalise contractual details with Transocean while at the same time securing a rig slot in what is becoming an increasingly busy drilling season in the North Sea.”