Oil and gas exploration firm AziNor Catalyst has acquired licence P.1946 in the UK North Sea from Stavanger Petroleum.
Stavanger has retained a 20% option interest in the licence, which covers block 15 / 12a.
AziNor will undertake all the technical work commitments on the licence.
AziNor Catalyst executive director Henry Morris said: "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.
"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."
AziNor Catalyst is AziNor Petroleum‘s UK subsidiary firm, assigned with work of managing and developing the UK Continental Shelf assets.
AziNor Petroleum is focused on the discovery of oil and gas resources and reserves in the UK and Norway.
The company is currently participating in 29 exploration licences in the North Sea, West of Shetland area and the Rockall Trough area. AziNor plans to participate in three exploration wells this year.