AziNor Catalyst completed the 100% acquisition of license P1946, covering Block 15/12a in the UK North Sea from Stavanger Petroleum.
The terms of the agreement will require AziNor to undertake all technical work commitments on the license going forward and Stavanger will retain a 20% option interest in the license.
“Historically, poor quality 3D seismic over the block has meant that the visualising of the reservoir and its fluid fill has been difficult,” Henry Morris, AziNor executive director said. “However, recently acquired 3D seismic data has helped us to improve our understanding of the region’s prospectivity.”