United Kingdom – Thursday, July 30, 2015:
Azinor Catalyst (“Catalyst”), the Seacrest Group-backed E&P company focused on the United Kingdom Continental Shelf (“UKCS”), is pleased to announce that it has been awarded two traditional licences as part of the Second Tranche of Offers through the UK 28th Offshore Round.
The 28th Offshore Licensing Round was launched on 24 January 2014 and a total of 173 applications were received. The main tranche of awards was announced on 6th November 2014, when Azinor Catalyst received six licences, two as an operator and four as a non-operating partner.
Following consultation with the Oil and Gas Authority, the UK oil and gas regulator, Catalyst has been awarded these additional two licences in the Second Tranche of Offers:
Blocks 13/16b & 13/17 Azinor Catalyst 100% (Operator)
Blocks 15/25d & 15/30b Azinor Catalyst 49%
MOL Energy 51% (Operator)
Catalyst has been awarded a 100% working interest and operatorship of Blocks 13/16b & 13/17, located in the Inner Moray Firth and containing the large Upper Jurassic Churchward prospect.
In Blocks 15/25d & 15/30b, Catalyst has been awarded a 49% working interest and partners with MOL Energy, the Operator and 51% working interest holder. Blocks 15/25d & 15/30b are an extension of Catalyst’s currently held Lower Cretaceous Five Star prospect.
Nick Terrell, Managing Director of Azinor Catalyst, commented:
“This is very good news for Catalyst and for oil and gas exploration on the UKCS. These newly awarded licences add further materiality to the Catalyst portfolio, which now consists of eleven highly prospective exploration licences located in the Central and Northern UK North Sea.
Our focus remains on exploration and expansion in the North Sea, a mature, world-class hydrocarbon province. We will seek to further de-risk our assets through technology-led exploration and further unlock the value the UKCS has to offer.”