Private equity looking to sellAgar-Plantain @Azinor

Private equity looking to sell

Azinor Catalyst is for sale. Private equity fund Seacrest Capital is talking with potential candidates to sell parts of or the whole oil exploration company.

Many small oil and gas exploration companies on the UKCS and NCS are funded by private equity money and at some point, they want to sell again or list the company on the stock exchange. Seacrest Capital now wants to explore its sale options and according to Reuters binding offers are due until April 30th.

Azinor Catalyst does not have any production, but the company sits on prospective resources of around 600 million barrels of oil equivalent (boe), according to sales documents seen by Reuters. In 2014, it discovered the Agar-Plantain fields, which are estimated to contain a commercial 30-50 million boe and where first oil is expected in 2022.

Last December, Azinor said it had received a letter of intent to sell non-operated interest in three exploration wells to be drilled in 2019 containing resources up to 495 million boe (read also “Divesting interests in 3 wells”) Azinor owns seven licences in the British North Sea.

Another private equity firm HitecVision is also looking to sell its UK North Sea focused oil and gas company Verus Petroleum, which last year completed some large acquisitions, including a deal with Premier for the Babbage field and prospects around (“Spirit Energy operator of the Babbage field”) and taking over CIECO exploration and production.

Seacrest has also invested in the Norwegian oil company OKEA, which has plans to launch an initial public offering (IPO) on the stock exchange in Oslo (Read “OKEA strengthens position around Draugen”).

NCS Exploration 2019, May 21-22, Fornebu: Recent Advances in Petroleum Exploration