Xcite has agreed a farm-in deal with Azinor Catalyst for its UKCS licence.
According to the deal, Xcite will swap 40% of the equity in licence p.1979 for a detailed technical evaluation from Azinor.
Xcite chief executive Rupert Cole said: “We are very pleased to be working with Catalyst, who will be able to accelerate the technical assessment of the licence whilst we continue to focus our core attention on the Bentley field. By collaborating with Catalyst, we believe that the evaluation of these prospects and their potential value can be undertaken in the near future, so that we can meet our obligations under the licence.”
Catalyst will carry out the work at its own costs, utilising advanced interpretation techniques and integrated subsurface modelling, to further delineate and de-risk the prospects.
Farm-in Agreement with Azinor Catalyst on Licence P.1979
Nick Terrell, Azinor Catalyst managing director added: “As part of our strategy of technology-led exploration in the UKCS, we are extremely pleased to have signed this agreement which further expands our footprint in the region.
“This transaction provides an entry point into a licence with material and high potential prospectivity. We look forward to working with the Xcite team and maturing this exploration opportunity.”
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