On 5 September 2018 Sapura Energy Bhd reported that it has signed a farm-in agreement with Finder Exploration Pty Ltd to enter four exploration permits. By farming in to the offshore permits, via its subsidiary company Sapura Upstream Sdn Bhd, Sapura will be entering Australian exploration for the first time.  Sapura has agreed to acquire 70% interest and assume operatorship in Bonaparte Basin permit AC/P61 and three North Carnarvon Basin permits: EP 483, TP/25 and WA-412-P. Finder, which holds 100% interest, will retain 30% interest after the deal completes. The company had been looking for a farm-in partner for some time along with eight other Australian exploration licences. The deal remains subject to standard regulatory approvals.  AC/P61 - Sapura reports that the newly formed joint venture will look to acquire seismic data within the permit area in 2019 to mature possible drilling targets.  Both Upper Jurassic and Upper Cretaceous fan sandstones have been proven within the Vulcan Sub-basin and the permit is surrounded by the Oliver, Tenacious and Audacious oil discoveries. In May 2017 Finder outlined that the Gem Prospect had been identified for potential drilling, with a possible 130 MMb oil in place.Â  A development option for Gem, and possible discoveries from surrounding prospects, has been formulated for commercialisation.   AC/P61, which covers an area of 335 sq km, was awarded on 22 June 2016.    EP 483 & TP/25 - Finder has considered the permits as one with the split representing a transition from coastal, state waters of Western Australia (within 3 nm of land) to territorial waters (within 12 nm of land/islands - the Serrurier and Bessieres islands).  Finder has delayed exploration to gain a financial partner and exploration wells are now due by 2019/2020. Finder has highlighted the Eagle Prospect for potential drilling, which lies in the centre of TP/25. The prospect is located in shallow water within the Mungaroo Formation at around 2,500 m below surface. Interpretation of the Numbat 3D seismic reveals a trap size of around 33 sq km within which, Finder reports the potential for mean gas-in-place of 2 Tcf.   EP 483 and TP/25 cover a combined area of 1,076Â sqÂ km and were awarded in 2013.  WA-412-P - 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.
Finder Exploration announces a farmout with Sapura Upstream of a portfolio of Australian offshore exploration permits comprising EP 483 & TP/25, WA-412-P and AC/P 61. Sapura Upstream will acquire a 70% interest in, and operatorship of, each of the permits. Finder will retain a 30% non-operating interest.