Azimuth Group subsidiary Azinor Catalyst has agreed to farm out 12.5% from its 25% stake in P1763 to Faroe Petroleum on 14 August 2018. The deal is subject to regulatory and partner consent. Faroe's 12.5% in P1763 equates to 25% of the Agar/Plantain well planned for August 2018 where operator Apache (50%) is not participating, and partners will be Azinor (25% + Op), Faroe Petroleum (25%) and Cairn Energy (50%). Cairn farmed in for 25% of P1763 (50% of Agar/Plantain) effective from 9 August 2018. The planned well has a PTD of 1,625m to appraise the Agar discovery near the centre of the licence, then sidetrack to the SE to explore the Plantain prospect. It is targeting combined P50 estimated recoverable resources of 60 MMboe. Success case cost is US$15 million, and the appraisal leg has 58% CoS. Apache opted out of the Agar appraisal after reviewing results from its Titan NFW 9/14b-16, drilled 8km to the S on P1985, which was P&A in December 2017. Agar was discovered by 9/14a-15A (2014, MPX), which encountered a 10m oil column within the Eocene Frigg Formation sandstone. P1763 covers 89 sq km on Northern North Sea blocks 9/9d and 9/14a, adjacent to the S of Bruce Field and 3km E of Beryl Field. It was awarded in the 26th Offshore Round on 10 January 2011, with obligations to reprocess 425 sq km of 3D seismic to PSTM, and a drill or drop option to the shallower of 4,500m or 10m below the logged gas/water contact. Azimuth farmed in for 33% WI in January 2016, increasing its share to 50% in May 2016 with the exit of JX Nippon and Dyas. Licence partners are Apache Beryl I Ltd (50% + Op), Azimuth Group via Azinor Catalyst Ltd (25%) and Cairn Energy subsidiary Nautical Petroleum Ltd (25%).
Azimuth Group (-> 25%, Apache 50% op.) subsidiary Azinor Catalyst has completed the farm out of 25% stake in P1763 to Cairn Energy.  