Licence P1763 Block 9/9d & 9/14a ‘Agar’ discovery...

Licence P1763 Block 9/9d & 9/14a ‘Agar’ discovery & ‘Plantain’ prospect

Overview

Located within the UKCS Viking Graben, east of the Apache operated Beryl field and west of the Aker BP operated Alvheim hub, the Agar discovery sits in one of the most attractive postcodes in the North Sea.

Azinor Catalyst made the Eocene Agar oil discovery in 2014 with well 9/14a-15A, which encountered a 33ft oil-down-to in high quality Eocene Frigg Formations sands.

The illumination of this material discovery is only possible on new 3D broadband (Geostreamer) seismic data. The company has been able to utilise this high quality seismic data, in conjunction with advanced quantitative interpretation techniques, to delineate the Agar discovery and significantly de-risk the material Plantain prospect.

Proven Geological Elements

High quality Frigg Formation sands are proven within the area and penetrated by the discovery well. The stratigraphic trap is also proven by the discovery well with the reservoir package confidently mapped on high quality 3D broadband seismic data.

Location Map

www.azinorcatalyst.com

Opportunity Highlights•Material and low risk 2017 appraisal/exploration drilling opportunity

•Proving up Agar commercial 2C volumes (15 MMboe)•Sidetrack to test material ‘Plantain’ prospect of 45 MMboe (Pmean) / 83 MMboe (P10)

•Appraisal and exploration targets share the same seismic DHI; analogous to Volund Field

•Up to 50% working interest available

•Economic screening indicates minimum commercial field size of 7 MMboe (subsea tie-back)

•Additional low risk exploration upside on block (e.g. Alpha prospect)

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One Well / Two Targets

The initial appraisal wellbore will delineate the down-dip element of the Agar discovery reservoir with the sidetrack aimed at testing the Plantain prospect.

With a target depth of 1,675m, this is a low cost opportunity.

• Success case cost: $12.2m (includes sidetrack)– 37 days (incl. 20% NPT/WOW)– Motherbore logging and sampling, sidetrack

logging and sampling, P&A

Reserves (Agar + Plantain) 60mmboe

EMV $276 M

NPV $624 M

NPV/bbl $10.4

IRR 46%

Breakeven Metrics

NPV BE $32/bbl

15% IRR $36/bbl

Minimum Commercial Field Size 7mmboe

• Metrics based on Agar 2C + Plantain Pmean, working interest 100%• Follows Q1 2017 Woodmac long term forward pricing and sub-sea tie-back scenario• Agar Chance of Success 58%• All figures are based on internal estimates

Multiple Development Options

• Subsea tie-back via;– Beryl Bravo (12 km)– Alvheim FPSO (14 km)

• Standalone FPSO

9/14a-P ‘Agar’ Appraisal Well Development Options

Gross Mid Case Valuation

For further information please contact: Nic Drysdale +44 (0)20 3588 0065 | [email protected] Nick Terrell +44 (0)20 3588 0065 | [email protected]

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Licence P1763 Block 9/9d & 9/14a ‘Agar’ discovery & ‘Plantain’ prospect

Licence P1763 Block 9/9d & 9/14a ‘Agar’ discovery...

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Transcript of Licence P1763 Block 9/9d & 9/14a ‘Agar’ discovery...