Azinor Catalyst Announce Oil Discovery on Agar-Plantain Prospect
Thursday 15 November 2018
Azinor Catalyst Limited, the Seacrest Capital Group-backed E&P Company focused on the UK Continental Shelf, announced an oil discovery at its 9/14a-17B well and associated side-track on the Agar-Plantain Prospect.
The initial 9/14a-17B well on the Agar-Plantain Prospect, was drilled safely to its target depth and encountered excellent quality oil and water bearing sands. This wellbore delineated the eastern extent of the hydrocarbon discovery and encouraged the partners to drill the contingent Agar side-track to further appraise the discovery. The Agar side-track has encountered a 20 metre (gross TVT) interval of very high quality oil-bearing sands, with no identified oil water contact.
Reservoir oil samples have now been recovered to surface and further analysis will be required to establish the quality of the oil and assist in further defining recoverable resources. Based on a preliminary analysis, Catalyst believes the Agar-Plantain discovery holds recoverable resources of between 15 and 50 million barrels of oil equivalent, which is in line with pre-drill estimates. This estimate will be further refined as more data becomes available.
Working interests in the wells are as follows: Azinor Catalyst (Operator, 25%), Nautical Petroleum, a wholly owned subsidiary of Cairn Energy PLC, (50%), and Faroe Petroleum PLC (25%).
The Agar-Plantain well is in the process of being plugged and abandoned. Further announcements regarding the results of the well will be made in due course.