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Energy Voice | Takeover offers received for North Sea oil firm, report says

Private equity-fund Seacrest Capital is in talks to sell its North Sea exploration and production firm, a news report said.

Banking and industry sources told Reuters that Seacrest had already received “unsolicited offers” for Azinor Catalyst.

A sale could generated up to £75 million for Seacrest, the report said.

Last year, Azinor enjoyed success with the Agar-Plantain well near the Beryl area, 200 miles north-east of Aberdeen.

The asset contains recoverable resources of 15-50 million barrels of oil equivalent (boe), based on preliminary analysis.

Azinor operated the well with a 25% working interest, Cairn Energy had 50% and Faroe had 25%.

Apache owns and operates the wider licence area, P1763, with a 50% share and Cairn Energy has 25%. Faroe and Azinor each have 12.5%.

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Craigmill, Pitcaple, Inverurie, Aberdeenshire, United Kingdom, AB51 5HP
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