Catalyst will perform a detailed technical evaluation to more accurately delineate and appraise prospects Xcite has identified. After completing this process, and subject to approval from the UK’s Secretary of State for Energy and Climate Change, the farm-in should be confirmed.
Thereafter, the partners will determine whether further analysis is needed to de-risk the area, such as an induced polarization survey. Catalyst would undertake this survey at its own expense in return for a further 10% stake in the license.
Henry Morris, Catalyst’s technical director, said: “Historically, poor quality 3D seismic over the block has meant that the visualizing of the reservoir and its fluid fill has been difficult. However, recently acquired 3D Geostreamer seismic data is helping us to improve our understanding of the region’s prospectivity…
“Through detailed quantitative interpretation techniques we will be able to refine the subsurface potential of the license.”
Catalyst’s strategy is to open potential UK plays and prospects through application of new data and new technologies.
Earlier this year it gained a 100% interest in blocks 13/16b and 13/17 in the Inner Moray Firth, under the UK’s 28th Offshore Licensing Round. The concessions contain the large Upper Jurassic Churchward prospect.
In UK North Sea blocks 15/25d and 15/30b (both operated by Hungary’s MOL Energy), Catalyst has a 49% interest. The blocks are an extension of the company’s lower Cretaceous Five Star prospect.
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