LONDON – AziNor Catalyst has completed the acquisition of license P.1946, covering block 15/12a in the UK central North Sea, from Stavanger Petroleum.
The UK’s Department of Energy & Climate Change has approved the transaction, which gives AziNor a 100% working interest, in exchange for performing all technical work commitments on the license going forward. Stavanger has retained a 20% option interest.
Henry Morris, executive director of AziNor, said: “Historically, poor quality 3D seismic over the block has meant that the visualizing of the reservoir and its fluid fill has been difficult. However, recently acquired3D 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 license.”
AziNor plans further license acquisitions in this area.