Finder Exploration Pty Ltd is looking to potentially farm down its remaining interest in EP 483 and TP/25 permits, located in the Barrow Sub-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 EP 483, TP/25, AC/P61 and WA-412-P. Finder will retain 30% working interest. Finder is also considering offering a potential farminee access to the remainder of its Australian portfolio.  Finder has conducted data gathering and reviews on the acreage, but is looking to discuss a potential deal for interest in the permits with any interested parties. The permits will be considered as one in any potential deal 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 will be potentially offering material equity of a negotiable value, as well as operatorship, in return for funding of part of a work programme. In October 2015 Finder received approval to alter the work commitments in both permits. In EP 483 the commitment to drill the first exploration well in the fourth term was replaced by 3D seismic processing of 140 sq km of data. Finder will delay the exploration well until the sixth term in 2018/19. In TP/25, Finder altered the commitments in terms four, five and six, which effectively delays the first exploration well from term four to term six. Finder will instead conduct seismic processing of 140 sq km 3D seismic data at a cost of AUD 200,000 in term four. Environmental studies have been added to the fifth term at a cost of AUD 50,000.Â  Subsequently, in February 2018, an extension to term five and six was granted, giving Finder an additional 12 months to conduct the required work within these terms. This has resulted in the first wells being required between January 2019 and January 2020 in both permits.    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.     To date, around 4,000 km of 2D seismic processing has been completed with the interpretation underway. Deeper new potential play levels have been identified within the permits from the previously acquired 2D seismic data sets. Finder will be processing the Numbat MC3D data which was acquired between 13 May and 3 June 2015 by Searcher Seismic.  EP 483 and TP/25 are surrounded by oil and gas discoveries, including the Tubridgi, Roller, Skate fields and Coaster discovery to the south east of EP 483 and the Corowa discovery to the north-west of TP/25. Finder reports that the permits are prospective for structural oil plays, with several leads outlined. A number of possible commercial development options are available in the case of a discovery which could provide fast commercialization of hydrocarbons located.    EP 483 and TP/25 cover a combined area of 1,076Â sqÂ km. Once the farm-down to Sapura Energy is complete, Finder will hold 30% interest through its subsidiary company Finder No 3 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 Pty Ltd is looking to potentially farm down its remaining interest in EP 483 and TP/25 permits, located in the Barrow Sub-basin. 