UK Agar-Plantain Well Finds Oil

Azinor Catalyst, the E&P firm backed by Seacrest Capital Group, announced November 15 a UK oil discovery at its 9/14a-17B well and an associated side-track on the Agar-Plantain prospect.

It believes the discovery holds recoverable resources of between 15mn and 50mn barrels of oil equivalent. Working interests in the wells are Azinor as operator with 25%, Cairn Energy with 50% and AIM-listed Faroe Petroleum at 25%. It follows the Rungne non-commercial gas find announced November 14 by Faroe off Norway. Cairn has an option to take over operations with respect to future activity on the UK Agar-Plantain project. The find is located in close proximity to existing infrastructure, 12km from the UK Beryl Bravo facility to the southwest and 14km from the Norwegian Alvheim FPSO to the southeast.

Separately, Cairn announced a farm-out agreement for its 40% non-operated interest of UK North Sea licence P2312, which includes the Chimera prospect, but did not say to whom; a well is planned there in 2H 2019. Cairn said its next well will be drilled by Presto on PL 885 in the Norwegian North Sea, which it expects operator Equinor to spud late December.