Azinor to purchase 100-percent North Sea stake
LONDON, January 5, 2016 – Azinor Catalyst has agreed to acquire a 100-percent stake in the North Sea from Norwegian oil and gas company Noreco and UK-headquartered Trap Oil, the UK-headquartered company announced in a Tuesday statement.
According to the terms of the agreement, Azinor will purchase a 100-percent working interest for Licence P.1989, which includes blocks 14/11, 14/12 and 14/16.
The completion of the transaction relies on approval from the Secretary of State and UK Department of Energy and Climate Change.
“We are extremely pleased to have secured operatorship and 100 percent working interest in the P.1989 Licence,” Azinor Catalyst managing director Nick Terrell said in the statement.
“Going forward, and given our high working interest position on the licence, we will be looking for partners to join us in the drilling of a potential exploration well.”