The Press and Journal (Aberdeen and Aberdeenshire)
First oil struck at Agar-Plantain well
Azinor Catalyst said yesterday it had struck oil at the Agar-Plantain well in the UK North Sea.
The discovery contains recoverable resources of 15-50 million barrels of oil equivalent (boe), based on preliminary analysis, the London-based oil firm said.
Azinor – funded by private equity house Seacrest Capital Group – booked the Transocean Leader rig to drill AgarPlantain, which was previously thought to contain 60m boe, with an upside case of 98m boe.
The well, which is being plugged and abandoned, is located near the Beryl area, about 200 miles north-east of Aberdeen.
Joint venture partners will now study all the data and weigh up a future work programme for the licence.
Azinor operated the well with a 25% working interest, Cairn Energy had 50% and Faroe Petroleum 25%.
US firm Apache owns and operates the wider licence area, P1763, with a 50% interest and Cairn has a 25% stake. Faroe and Azinor each own 12.5%.
Scottish energy consultancy Wood Mackenzie said the discovery could be tied back to Beryl “fairly easily”, which would be “good news” for Apache.
Houston-headquartered Apache acquired operated interests in Beryl in 2011.
Azinor managing director Nick Terrell said: “This success represents a significant step forward for Catalyst and for our AgarPlantain asset.
“Given the proximity to local infrastructure, the shallow reservoir depths and significant upside on the block, this is shaping up to be a highly attractive project for us.”
The discovery was welcomed by the UK’s oil and gas regulatory body.
Oil and Gas Authority exploration portfolio manager Paul Herrington said: “Agar is a great example of technologydriven exploration, with Azinor Catalyst having invested in the latest seismic techniques required to generate and mature prospects in the play.
“Provisional results are very encouraging.”