Theia Energy Pty Ltd, previously Finder Shale Pty Ltd, is seeking a farm in partner to fund exploration activities in 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. A data room is open during 2019 for interested parties.  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.   Theia Energy is looking for a farm-in partner to assist with an appraisal/development programme, with plans to initially appraise by drilling the Helios 1 vertical well, targeting the Goldwyer and Nambeet formations in 2020.This would be followed by the Helios 1H horizontal hole in 2021, targeting the Goldwyer. Theia has reported that the unconventional Goldwyer has estimated potential resources in place of up to 24 Bboe and the Nambeet 8 Bboe.  Finder 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 was exempt from completing the survey (AUD 2.6 million). The exemption also extended to the drilling of two exploration wells in term two (AUD 17.95 million). The exemption to drill an exploration well in permit term 2 was first approved after Theia-1 exploration well was drilled in term one, which DMIRS credited towards the term two commitments (leaving the requirement to drill two wells). The wells were deferred to term three and are due by 28 February 2022 after work suspensions were granted in January, and again, in October 2019. The wells are expected to cost a total of AUD 10.6 million.   On 5 September 2017, the Western Australia government implemented a moratorium on hydraulic fracturing. This was lift on 27 November 2018 following an independent inquiry by Environmental Protection Authority chairperson Dr Tom Hatton. The final report made 44 recommendations to the existing regulatory framework. Theia awaits the full implementation of the new terms to begin its remaining work programme of appraising its Ordovician tight gas play.  EP 493, which covers 4,628Â sqÂ km, was awarded on 1 March 2015 and is scheduled to expire, or be eligible for renewal by, 28 February 2025. Theia Energy Pty Ltd, which holds 100% interest in the permit, and is 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   Tel: +61 474 979 474  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 Â Â Â Â Â Â    Email: j.vanhuttum@theiaenergy.com
Theia Energy Pty Ltd seeking farm in partner for EP 493, Canning Basin