Theia Energy Pty Ltd, previously Finder Shale Pty Ltd before a name change/spin-off, is seeking a farm in partner to fund exploration activities in the Canning Basin permit EP 493. Theia Energy is offering a 30 â 50% equity position in return for contributions to well costs, as well as payment for historical costs on the permit.  The permit covers the mature liquids rich shale play Goldwyer III â Bakken Shale analogue at shallow depths and is ideally situated close to existing infrastructure. EP 493 is situated between Buru the Mitsubishi and New Standard Energy/ConocoPhillipsâ permits, south west of Keyâs Cyrene-1 well.   Theia Energy was initially looking for a farm in partner to assist with costs of Theia 1 exploration well when the farm-out was first announced in May 2015. Theia 1 subsequently spudded on 15 July 2015 and reached a TD of 1,645 m on 28 August 2015. During drilling Theia Energy utilised a âslim-holeâ drilling technique, which reduces environmental impact and costs and also allowed the acquisition of a continuous core section. Theia Energy reported that a total 778 m of continuous core had been acquired during drilling. Upon reaching total depth wireline logs were run over the cored interval of the target Ordovician Goldwyer Formation. Theia Energy reported that high wet gas mud readings, increased wireline resistivity, fluorescence, positive well desorption indications, and a geothermal gradient validated the geological model and de-risk the Canning Goldwyer shale play.  In 2015 Theia Energy suspended term one of the work programme until 28 February 2018 to facilitate the completion of a 220 km 2D seismic survey. However, on 28 February 2018 Theia Energy received approval from the Department of Mines, Industry Regulation and Safety (DMIRS) to vary the work conditions, from which, Theia Energy is now exempt from completing the seismic survey (AUD 2.6 million). The exemption also extends to the drilling of two exploration wells in term two (AUD 17.95 million). The wells have been deferred to term three. In January 2019 further suspension and extension of the work programme was granted, with the wells now to be completed by 28 February 2021 and expected to cost a total of around AUD 10.6 million. The exemption to drill an exploration well in permit term 2 was first approved after Theia Energy drilled the Theia-1 exploration well in term one, which DMIRS credited towards the term two commitments (leaving the requirement to drill two wells).   A moratorium on hydraulic fracturing (âfrackingâ) in Western Australia has been in place since 5 September 2017 and is likely to remain in place until the completion of an independent scientific inquiry which is assessing the full impact and regulatory framework of fracking within the State. Completion of the inquiry is not expected until 2020.  Under the original work programme, Theia Energy proposed to drill the Helios-1 well in 2018, including a 1,000 m lateral section within the Goldwyer III shale. The exploration programme was expected to cost around AUD 30 million and included fracking and an extended well test. The moratorium does not permit this activity.  EP 493, which covers 4,628Â sqÂ km, was awarded on 1 March 2015 is now scheduled to expire, or be eligible for renewal by, 28 February 2022 after two extensions. Theia Energy Pty Ltd, which holds 100% interest in the permit, and are offering 30-50% equity and participation in the next phase of exploration.   Companies interested in pursuing this opportunity should contact:  Ryan Taylor-Walshe, General Manger Â Â Â Â Â Â Â Â  Tel: +61 474 979 474Â Â Â Â Â Â Â Â Â Â Â  Email: ryan@theiaenergy.com    Jop van Hattum, COOÂ Â Â Â Â Â Â Â Â Â Â  Tel: +31 430 739 507Â Â Â Â Â Â Â Â Â Â Â Â Â  Email: j.vanhuttum@theiaenergy.com
Theia Energy Pty Ltd, previously Finder Shale Pty Ltd before a name change/spin-off, is seeking a farm in partner to fund exploration activities in the Canning Basin permit EP 493. Theia Energy is offering a 30 â 50% equity position in return for contributions to well costs, as well as payment for historical costs on the permit. 