Azinor Catalyst Limited, the Seacrest Capital Group-backed E&P company, has signed a letter of intent (LOI) with US-listed drilling company, Transocean, for a well in the North Sea.
Azinor Catalyst said on Tuesday that the Transocean Leader, a semi-submersible, will be provided to drill a well to appraise the company’s Agar – Plantain opportunity.
The company is currently in the advanced stages of planning and preparation for the well which, subject to the receipt of required regulatory approvals, is scheduled to spud in 3Q 2018.
Located in the South Viking Graben, Agar – Plantain is c.12 km east of Apache’s Beryl field and c.14 km west of Aker BP’s Alvheim hub. Drilling of the Agar appraisal well is expected to take approximately 35 days and includes a sidetrack to test the Plantain Prospect.
Nick Terrell, Managing Director of Azinor Catalyst, commented: “Signing this LOI provides the company with a window of exclusivity to finalize contractual details with Transocean while at the same time securing a rig slot in what is becoming an increasingly busy drilling season in the North Sea.”