Azinor Catalyst Farms-out Agar Plantain to Cairn Energy & Transocean Leader Contracted to Drill Well in Q3 2018
Thursday 14 June 2018
Azinor Catalyst Limited (“Catalyst”), the Seacrest Capital Group-backed E&P Company focused on the UK Continental Shelf, announced that, a subsidiary of Cairn Energy PLC (“Cairn”) has farmed-into Agar Plantain subject to customary regulatory and joint venture party consents. Catalyst also announced that it has signed a contract to secure the Transocean Leader to drill the well on Agar Plantain in Q3 2018.
Cairn will join Catalyst for 50% of the sole risk drilling activity on the Agar Plantain opportunity and 25% of the wider P1763 Licence, with existing partners Apache Corporation. Catalyst is now in the final stages of planning for the well, and subject to receipt of regulatory approvals, the well will be spudded in Q3 2018. Catalyst will retain operatorship for the proposed appraisal well with Cairn acquiring an option to take over operatorship in the future with respect to the Agar Plantain project.