Finder is pleased to announce that it has entered into a farm-out agreement which provides for Woodside to earn a 90% participating interest in Exploration Permit WA‑520-P (“the Permit”). The Permit is located in the Northern Carnarvon Basin, directly south of the Gorgon and Clio major gas fields as shown in the map.
The farm-out to Woodside in these difficult market conditions confirms Finder’s ability to capture quality acreage, high grade through strong geoscience and secure commercially aligned partnerships.
Finder’s CEO, Shane Westlake, said “We are delighted to partner with Woodside, a proven operator with a direct pathway for commercialisation of future discoveries. From our acreage review we identified large multi-TCF Triassic gas and large Cretaceous oil prospects. We are now looking forward to working with Woodside on the new Isometrix Exmouth MC3D seismic data acquired earlier in the year with processing expected to be finished in May 2018. The Permit is ideally located amongst some of the largest gas discoveries on the North West Shelf and this transaction is another step towards becoming a leading explorer in the region.”
Finder is planning significant activities over the next two years, including five high impact exploration wells with the potential to transform Finder into a diversified E&P company.
The participating interests in the Permit will be as follows: