Finder Exploration farming out Canning Basin permit EP 493

Finder Exploration has commenced an informal farmout process for Canning Basin permit EP 493. Click here for the Permit Area opportunity flyer. For additional information, see the PESA September 2014 Presentation given by Finder’s Exploration Manager, Dariusz Jablonski.

The Permit Area, which is held 100% by Finder, is located in the southern Canning Basin, on the Broome Platform, between the Buru Energy/Mitsubishi acreage to the north and the New Standard Energy acreage to the south. Both Buru Energy and New Standard Energy have significant near term and nearby exploration programs planned. The Permit Area is approx. 150 km southeast of Broome with excellent road access. Finder has identified three unconventional potential play levels and a further five conventional play levels within the Permit Area.
Photo – see caption

In June 2015 (ie Permit Year One) Finder will drill a vertical petroleum exploration data well to test the unconventional liquids potential of the Middle Ordovician Goldwyer III Unit (with total depth of less than 1,800 mGL) and confirm the geotechnical model. In Permit Year Two Finder will drill a further two petroleum exploration data wells and acquire 220km of 2D seismic to further test the shale resource play.

Opportunity Highlights

• Excellent liquids rich shale: regional review indicates Goldwyer III thickness up to 140 metres with high TOC (3-7%) and with shale porosities in excess of 8%;
• Significant existing core: mineral and conventional cores available. Those recently reviewed confirm significant hydrocarbon potential (Edgar Range-1 and McLarty-1 to the north and south of the Permit); and
• Location and logistics: easily accessible terrain ~180 km southeast of Broome via the Dampier Downs Road in the north and proximal to the Great Northern Highway to the west. Between the Buru Energy and New Standard Energy exploration activity. Huge acreage position 4,610 km2 (1.14 million acres).