Cairn farms into North Sea licence, rig booked for Agar appraisal

+ADw-p+AD4-Scottish oil firm Cairn Energy said today that it had struck a deal with Azinor Catalyst to farm into a North Sea licence.+ADw-/p+AD4
+ADw-p+AD4-Edinburgh-headquartered Cairn will take 25+ACU of licence p1763, which contains the Agar discovery and the Plantain prospect, subject to regulatory and joint venture partner approval.+ADw-/p+AD4
+ADw-p+AD4-London-based Azinor, which is backed by Seacrest Capital Group, currently owns 50+ACU of the licence, while Apache Corporation has the other 50+ACU.+ADw-/p+AD4
+ADw-p+AD4-Azinor has now booked the Transocean Leader rig for drilling Agar-Plantain in the third quarter of 2018. Cairn and Azinor are splitting the costs associated with that drilling work.+ADw-/p+AD4
+ADw-p+AD4-Azinor will retain operatorship of the proposed appraisal well with Cairn acquiring an option to take over that role at a later date.+ADw-/p+AD4
+ADw-p+AD4-Together, Agar and Plantain are+AKA-thought to hold about 60million barrels oil equivalent.+ADw-/p+AD4
+ADw-p+AD4-They sit east of Apache+IBk-s Beryl field, about 210 miles north-east of Aberdeen.+ADw-/p+AD4
+ADw-p+AD4-Azinor made the Agar discovery in 2014 with well 9/14a-15A.+ADw-/p+AD4
+ADw-p+AD4-Azinor exploration director Henry Morris said: +IBw-We are delighted to welcome Cairn onto the licence as we move towards drilling. As a company with a strong and successful North Sea pedigree, we regard Cairn+IBk-s farm-in as further validation of the exciting potential of the Agar Plantain opportunity.+ADw-/p+AD4
+ADw-p+AD4gHA-Our technical teams have been working together to refine the final elements of the well plan and we are enthusiastic about the potential we are seeing.+ADw-/p+AD4
+ADw-p+AD4gHA-We are also pleased to have signed a contract with Transocean to secure the services of the Transocean Leader semisubmersible to drill Agar Plantain. Subject to receipt of final regulatory approvals we expect to spud in Q3 2018.+IB0APA-/p+AD4
+ADw-p+AD4-Azinor+IBk-s +ADw-a href+AD0AIg- well came up dry in the North Sea last year+ADw-/a+AD4.+ADw-/p+AD4
+ADw-p+AD4-A spokeswoman for Cairn said the farm-in was an +IBw-attractive near term drilling opportunity+IB0 in an area with good prospects.+ADw-/p+AD4
+ADw-p+AD4gHA-The deal fits with our wider plans for drilling a material campaign across the wider region in the next year or so,+IB0 she added.+ADw-/p+AD4
+ADw-p+AD4APA-a href+AD0AIg- will soon start work on Ekland, its first operated exploration well in the UK North Sea, in the third quarter+ADw-/a+AD4.+ADw-/p+AD4

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