Exploration and production company Azinor Catalyst has received a letter of intent (LoI) from unidentified parties for the acquisition of material interests in three exploration wells planned for 2019 on three of its UK North Sea prospects.

The LOI involves the potential acquisition of non-operated interests in planned wells on the company’s Boaz, Goose and Hinson prospects.

According to the company, the three prospects are expected to hold combined unrisked Pmean prospective resources of 495 million barrels of oil equivalent.

Azinor Catalyst technical director Henry Morris said: “These three prospects are all located in reservoir types that continue to deliver material commercial hydrocarbons in the North Sea.

“Now is the opportune time to spin the drill-bit with low rig-rates and an attractive fiscal regime; and this, coupled with our upfront investment in a large high-quality seismic database, integrated with quantitative geoscience, represents a highly compelling de-risked investment opportunity.”

“These three prospects are all located in reservoir types that continue to deliver material commercial hydrocarbons in the North Sea.”

The company has commenced preparations for drilling the wells.

Located in the South Viking Graben, the Boaz prospect is an untested Triassic titled fault block located on trend to the Triassic Eirin gas condensate discovery in Norway.

The Goose prospect is in the Outer Moray Firth and is located 12km north of the producing Claymore field, while Hinson is situated in the West Central Graben.

Supported by Seacrest Capital Group, Catalyst also stated that it is working with its partners to further define the recently announced oil discovery at the 9/14a-17B well and associated side-track on the Agar-Plantain prospect in the UK North Sea.