Azinor Catalyst has acquired a licence in the UKCS (UK Continental Shelf) from Stavanger Petroleum Limited.
The licence, P.1946, covers block 15/12a and gives the company a 100% working interest in the asset.
The transaction was approved by DECC (Department of Energy and Climate Change).
Stavanger has retained a 20% option interest in the licence.
Henry Morris, executive director of AziNor Catalyst, said: “We are very pleased to have captured this licence in this highly prospective region. Historically, poor quality 3D seismic over the block has meant that the visualising of the reservoir and its fluid fill has been difficult.
“However, recently acquired 3D seismic data has helped us to improve our understanding of the region’s prospectivity.
“The exploration team and I are very excited by the early indications of what we have seen and through detailed Quantitative Interpretation techniques we will be able to refine the subsurface potential of the licence.
“This deal follows our strategy of advancing and unlocking the potential of UK plays and prospects through new data and technology. The UK North Sea will continue to be a core area for AziNor Catalyst and we are actively targeting further licence acquisitions in this area.”
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