Finder Exploration is potentially looking to farm-down its remaining interest in exploration permit WA-412-P, located in the Beagle Sub-basin, North Carnarvon Basin. On 5 September 2018 Sapura Energy Bhd reported that it had signed a farm-in agreement with Finder to acquire 70% interest and operatorship in WA-412-P, AC/P61, EP 483 and TP/25. Finder will retain 30% working interest. Finder is also considering offering a potential farminee access to the remainder of its Australian portfolio.  Prior to the Sapura agreement, Finder was potentially offering up to 65% working interest and operatorship in the permit. On 8 August 2018, Finder received approval to suspend the first four years of the work programme, which followed a permit renewal in 2014. The permit will be suspended for a period of nine months, from 10 September 2018 to 9 June 2019. Subsequently, the terms will now both conclude on 9 June 2020. To accommodate the entire work programme, the validity of WA-412-P has also been extended and will now expire on, or eligible for renewal by, 9 June 2020.    On 1 April 2016 Finder received approval to vary the work commitments in WA-412-P by combining the first three years of work requirements into one term (1-3). This change in conditions followed alterations to the offshore permit guidelines, which were announced in May 2015, offering operators the option to change to the more streamlined work programme process.     After the initial three-year work programme of WA-412-P, permit terms four and five will follow with the work requirements to be completed on a year-by-year basis. Once a permit term has commenced, the work specified must be completed. One exploration well, which will possibly target the Kanga Prospect, has been scheduled in term four, at a forecasted cost of AUD 30 million. The commitment to drill the well must be made prior to the commencement of that term on 10 June 2019 after processing new 3D seismic data by either licencing multi-client data or exclusive/proprietary data. Â     The permit contains the Kanga prospect, which has highside potential of 220 MMb oil in place, within a structure at around 3,170 m depth.Â  Targeted reservoirs would be in the mid to late Jurassic, sealed by the Muderong Shale or Forestier Claystone.Â  Finder reports Kanga as a âdrill ready prospectâ.Â  Oil shows were encountered in the Lacerta 1 well, which is located to the south and was drilled in 1998. The Ironbark Prospect (high impact well) lies 20 km to the north of WA-412-P which is estimated to contain 15 Tcf (2C) in the Mungaroo Formation and is scheduled to be drilled by June 2020.     WA-412-P, which covers an area of 387 sq km, was awarded on 13 June 2008. Once the farm-down to Sapura Energy is complete, Finder will hold 30% interest through its subsidiary company Finder No 9 Pty Ltd.    Companies interested in pursuing this opportunity should contact:    Shane Westlake, CEO    Finder Exploration Pty Ltd, 9 Richardson Street, West Perth, WA 6005.    Tel: +61 8 9327 0128    Email: s.westlake@finderexp.com
Finder Exploration is potentially looking to farm-down its remaining interest in exploration permit WA-412-P, located in the Beagle Sub-basin, North Carnarvon Basin.