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Fortis Petroleum Norway AS announces spudding of exploration well 25/4-11

Asker, Norway Saturday, August 12th, 2017:

Fortis is pleased to announce that the company has been informed by AkerBP ASA, the Operator, that the Maersk Interceptor jack-up rig spudded the 25/4 – 11 exploration well targeting the Hyrokkin prospect, on 11th August 2017.

The Hyrokkin prospect in PL 677, is located approximately 20 km northeast of the Alvheim field and approximately 220 km northwest of Stavanger on the west coast of Norway. The primary objective of well 25/4 – 11 is to test the hydrocarbon potential and reservoir properties of the Tertiary Heimdal Fm. in the Hyrokkin prospect.

Drilling is expected to take approximately 23 days and further announcements on the results of the well will be made in due course.

 

Michael Haagaard, Chief Executive Officer of Fortis. Commented:

‘The spudding of well 25/4 – 11 in this highly prospective part of the Norwegian North Sea close to existing infrastructure is exciting as we believe that a great deal of value remains to be extracted from the Norwegian Continental Shelf. The application of leading edge technology, coupled with the financial backing of Fortis’s majority owner, the Seacrest Capital Group, will enable the company to maximise the value creation opportunities in the region.’

 

About Fortis

Fortis currently holds working interest positions in 19 exploration licences across offshore Norway, including the Central and Viking Grabens, the Stord Basin, and the Nordland Ridge.

Fortis was founded in April 2010. The company focuses on creating value via exploration by utilising leading edge geophysical technology to identify and de-risk prospects. Its primary focus is new and revitalised play concepts in mature areas. The company has access to more than 280,000 km2 of state of the art 3D seismic in NW Europe, which provides a unique regional perspective and allows the company to:

  • Establish new and challenge established play concepts based on a super regional 3D data base
  • Increase exploration activity in mature as well as under-explored areas
  • Optimise and de-risk the exploration process
  • Create value for stakeholders

Fortis is an Azimuth Group company, financially backed by Seacrest Capital Group, a leading energy investor specialising in creating and growing regionally focused oil & gas exploration and production companies.

 

About the Azimuth Group

The Azimuth Group is an oil and gas offshore exploration asset management company formed as part of a collaboration between Seacrest Capital Group, an upstream focused private equity firm, and Petroleum Geo-Services, a leading seismic services company.

The Azimuth Group has a full suite of exploration and production expertise and is operator of licences in UK, Ireland, Indonesia, Namibia and Honduras and the holder of non-operated licence positions in Norway and Brazil.

The Azimuth Group of companies has used its unique access to the most extensive global library of broadband seismic data to generate regional basin prospectivity analyses, allowing the Group to secure significant exploration acreage positions in selected basins. This data subsequently enables identification of globally ranked, drill-ready exploration targets in both frontier and infrastructure-led, mature basins that are economically and commercially attractive and technically robust. Azimuth projects are typified by extensive pre-investment technical and commercial screening, which is made possible by regional expertise and the data library. A large global portfolio allows for high grading of the most attractive prospects creating material value across the portfolio with considerable risk mitigation through diversification of basins and play types.

 

About Seacrest Capital Group

Seacrest Capital Group is a leading independent energy investor specialising in offshore oil and gas investments, leveraging its proprietary assets, relationships and operational and technical capabilities to build a diversified, global portfolio of regionally focused oil and gas companies. Since 2011, Seacrest has invested in a number of successful upstream oil and gas companies in the United Kingdom, Norway, West Africa, Ireland, South East Asia and South America.

  • Aker BP ASA (O)
  • Fortis Petroleum Norway AS
  • MOL Norge AS
  • Fortis Petroleum Corporation
  • Michael Haagaard
  • +47 918 70 700
  • Vigo Communications
  • Patrick d’Ancona
  • +44 (0)20 7016 9570
  • Vigo Communications
  • Chris McMahon
  • +44 (0)20 7016 9570