Finder Energy has been granted a 3 year suspension and extension of the primary term of WA-547-P, extending the end date to 4 January 2027 with no additional commitments.
WA-547-P is 100% owned by Finder and is located in the prolific Dorado play trend in the Northern Carnarvon Basin offshore Western Australia. Finder has identified three large prospects (Brees, Favre and Brady) with
combined 2U (P50) prospective resource potential of over 500 MMbbl(1) of recoverable oil (see map).
The Dorado play is one of the most exciting and active exploration plays in Australia. The Dorado Field, to the east of WA-547-P, is the largest undeveloped conventional oil resource in Australia and Santos is aiming to be ready for FID this year. With historic exploration success rates in the basin of around 70% and significant prospectivity, Santos is actively pursuing this play(2). Finder anticipates further exploration drilling to come and combined with a continuation of the high success rate in this play, will have positive implications for WA-547-P.
WA-547-P strategy
Finder is seeking a farmout partner to fund exploration activity to test the significant prospectivity identified in WA-547-P. Investment confidence in the sector in Australia was badly damaged due to delays and costs caused by litigation funded by activists which impeded activity on high profile projects including Santos’ Barossa Gas Project and Woodside’s Scarborough LNG Project. Both of those projects have recently overcome those impediments and are now proceeding again. Finder hopes these positive developments will help restore investment confidence, leading to improved farmout conditions in Australia.
Securing additional tenure on WA-547-P in this environment is critical to the success of the farmout strategy. The extension provides a number of strategic benefits for Finder:
- allows time to progress environmental approvals including consultation processes related to the work program;
- Finder will benefit from any additional new discoveries in the Dorado play. Further success in the area will enhance interest in, and the value of, WA-547-P; and
- increased flexibility on timing of expenditure on major work program commitments and allows Finder to secure a farmin partner to fund those commitments.
As positive investment sentiment returns to the sector, Finder will ramp up marketing of its high quality Australian farmout opportunities in WA-547-P as well as the Gem Prospect in AC/P 61.
Source: Finder Energy
