Private equity-backed firm Azinor Catalyst has announced it has received a Letter of Intent (LOI) for the acquisition of material non-operated interests in three North Sea exploration wells.
Financed by Seacrest Capital Group, the exploration and production (E&P) firm said the Boaz, Goose and Hinson prospects are all scheduled for drilling in 2019.
Azinor Catalyst said the three wells are estimated to hold a combined yield of unrisked Pmean prospective resources of 495 million barrels of oil equivalent.
The firm added that it has used broadband seismic data to assess and “de-risk” the three “large, high value North Sea” prospects.
Drilling plans and preparatory work are already underway, the company confirmed.
Nick Terrell, managing director of Azinor Catalyst, said: “2019 is set to be another exciting year for Catalyst, as we firm-up plans to drill these three high impact exploration wells across our UK North Sea portfolio.
“The receipt of this Letter of Intent represents further industry endorsement of our exploration focused strategy and high quality team.
“I look forward to providing further updates as we progress our workstreams towards drilling next year and look to build on the recent success that we have achieved on Agar Plantain.”
The Boez prospect is located in the South Viking Graben, near the UK/Norway media line and is thought to hold 242 million barrels of oil equivalent.
Situated in the Outer Moray Firth, the Goose prospect is 7.4 miles north of the Claymore field and is estimated to hold 75 million barrels of oil equivalent.
Surrounded by producing infrastructure, with the Gannet and Guillemot complexes to the south and the Annasuria Cluster, the Hinson prospect could yeil 178 million barrels of oil.
Henry Morris, technical director of Azinor Catalyst, added: “These three prospects are all located in reservoir types that continue to deliver material commercial hydrocarbons in the North Sea.
“Now is the opportune time to spin the drill-bit with low rig-rates and an attractive fiscal regime; and this, coupled with our upfront investment in a large high-quality seismic database, integrated with quantitative geoscience, represents a highly compelling de-risked investment opportunity.”