Azinor Catalyst, the Seacrest Capital Group-backed E&P company, has mobilised Transocean Leader drilling rig for the Agar Plantain exploration and appraisal well in the UK Continental Shelf.

Catalyst has contracted the vessel to begin drilling of an exploration well on Agar Plantain prospect, with a total estimated gross of $15m. Following this drilling, a sidetrack well will be drilled to evaluate the Agar oil field.

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Last week, Faroe announced that it will buy 25% interest in the sole risk drilling activity on the Agar Plantain opportunity, as well as 12.5% of the wider P1763 Licence with existing partners of Catalyst.

Azinor Catalyst technical director Henry Morris said: “It’s great to start the drilling operations on Agar Plantain, the opportunity has received significant industry support, and now it is up to the drill bit to test our understanding of the seismic and the subsurface.

“It’s an exciting time, low rig rates, big opportunities, good fiscals and a market which is stepping up to replenish their dwindling stock piles.”

“In a similar vein, we’re progressing well with the 2019 drilling campaign. The three prospects (Goose, Boaz and Hinson) are of an equal high quality to Agar Plantain and in plays/reservoir types which are under-explored and have to date proven to have delivered commercial size opportunities to the market.

“It’s an exciting time, low rig rates, big opportunities, good fiscals and a market which is stepping up to replenish their dwindling stock piles.”

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Catalyst owns a 50% stake in blocks 9/9d and 9/14a, which includes the Agar Discovery and the Plantain Prospect. The firm made the Agar discovery in 2014 with the 9/14a-15A exploration well which met 33ft column of oil in Eocene Frigg Formation sands.

According to an estimate, Agar and Plantain have combined mid-case resources of 60 million barrels oil equivalent, with an upside case of 98 million barrels oil equivalent.