AziNor Catalyst has recently completed the acquisition of licence P.1946, covering block 15/12a, from Stavanger Petroleum Limited. The transaction has received regulatory approvals from the Department of Energy & Climate Change and the Secretary of State. AziNor Catalyst has acquired 100% working interest in licence P.1946, in exchange for undertaking all technical work commitments on the licence going forward. Stavanger has retained a 20% option interest in the licence.
Henry Morris, Executive Director of AziNor Catalyst, commented:'We are very pleased to have captured this licence in this highly prospective region. Historically, poor quality 3D seismic over the block has meant that the visualising of the reservoir and its fluid fill has been difficult. However, recently acquired 3D seismic data has helped us to improve our understanding of the region's prospectivity. The exploration team and I are very excited by the early indications of what we have seen and through detailed Quantitative Interpretation techniques we will be able to refine the subsurface potential of the licence.