Private equity backed explorer Azinor Catalyst has agreed to acquire 50% interest in license P2243 on the UK Continental Shelf from Zennor North Sea.
The license contains Block 14/17a and is adjacent to Azinor’s Partridge license P.1989, containing Blocks 14/11, 14/12 and 14/16.
Under the terms of the agreement Catalyst will acquire 50% working interest in P.2243 from Zennor and become operator. Catalyst has committed to an enhanced technical work program using its recently acquired 3D Geostreamer seismic data and significant knowledge that the company has developed in the area over recent years.
Following the completion of this work program the company will make a drill decision with a potential well scheduled for 2018.
Henry Morris, Technical Director of Azinor Catalyst, said: “This is a nice addition to the portfolio, the new Geostreamer seismic over the prospect confirms the simple structure whilst providing some further insight into the geological setting. Whilst we see this as incremental to the area development, the prospect on its own is robust. Zennor has done a great job in identifying the potential and our additional work on the Geostreamer will enhance our understanding and hopefully further de-risk prior to any potential drilling event.”
Azinor is led by two ex-Endeavour Energy executives, Nick Terrell and Henry Morris and has the likes of John McGoldrick, ex-Enterprise Oil, Shell, Caza Oil & Gas and Dart Energy on its board.