Finder Exploration Pty Ltd (“Finder”) is pleased to announce a farmout with Sapura Upstream Sdn. Bhd. (formerly known as Sapura Exploration and Production Sdn. Bhd.) (“Sapura Upstream”) of a portfolio of Australian offshore exploration permits comprising EP 483 & TP/25, WA-412-P and AC/P 61 (refer map below). Sapura Upstream is a wholly-owned subsidiary of Sapura Energy Berhad and is a new entrant into the Australian oil & gas industry.
The permits are all located within the highly prolific North West Shelf oil and gas province off Western Australia. EP 483 & TP/25 is located close to infrastructure, in shallow water at the southern margins of the Carnarvon Basin, whilst WA-412-P is located in the northern Carnarvon Basin, adjacent to several large oil and gas fields. EP 483 & TP/25 contains high quality, drill ready prospects offering significant upside potential. AC/P 61 is located in the Vulcan Sub-basin, and is surrounded by oil and gas discoveries and contains numerous prospects and leads.
Completion of the farmout is subject to conditions precedent, including regulatory approvals. On completion, Sapura Upstream will acquire a 70% interest in, and operatorship of, each of the permits. Finder will retain a 30% non-operating interest. Under the farmout, the joint venture has committed to drill the Kanga-1 well in WA-412-P and the Eagle-1 well in EP 483 & TP/25 during 2019-20, and acquire seismic data over the Gem prospect in AC/P 61 during 2019 with an option to drill the Gem-1 well.“We are very excited about partnering with Sapura Upstream who have a proven track record of discovering and developing hydrocarbons in the region. This farmout continues Finder’s long track record of securing quality partnerships to drill high quality exploration targets on the North West Shelf, Australia”, said Shane Westlake, CEO of Finder.