North Sea

Azinor boosts its UK North Sea portfolio

Seacrest Capital Group-backed energy firm Azinor Catalyst is beefing up its UK North Sea oil and gas portfolio by buying an exploration licence from Trap Oil and Norwegian Energy Company (Noreco) UK. The licence covers three blocks known as the Homer asset in the North West Witch Ground Graben area of the Moray Firth. Under the terms of the “farm-out” deal, which is subject to UK Government approval and would see London-based Azinor become operator for the asset, Trap and Noreco with both receive payments contingent on the occurrence of certain future events.