Kanga-1 to spud early May 2022
Friday 15 April 2022
Finder Energy Holdings Limited (Finder or Company) is pleased to provide the following update on the upcoming Kanga-1 well which is located in WA-412-P in the Northern Carnarvon Basin, offshore Western Australia. The Kanga-1 well will be drilled using Diamond Offshore’s Ocean Apex semi-submersible drilling rig.
The previous operator of the Ocean Apex has completed its activities and the rig is currently on stand-by. All regulatory and environmental approvals are in place for drilling and preparations are nearing completion with the WA-412-P joint venture on track for rig handover on or about 1 May 2022.
“Kanga-1 is located in an oily part of the Northern Carnarvon basin around existing fields. We have made discoveries here in the past and it’s an area we know well. We are excited to have such a major catalyst so soon after listing.” Damon Neaves, CEO
The Kanga-1 well will take approximately 30 days and reach a total depth of 3,300m. Kanga-1 is a large robust structure with the primary objective being the Jurassic Legendre Formation reservoir sandstone. The Kanga Prospect has been independently reviewed by ERCE Australia Pty Ltd with estimated gross Best Case Prospective Resources of 170 mmbbl , representing over 25 mmbbl net to Finder’s 15% participating interest.
Finder has entered into an agreement with its WA-412-P partners in relation to joint venture activities which achieves cost savings. As a consequence, Finder’s capped contribution to the Kanga-1 well has been reduced by 25% to US$0.94m with Finder maintaining its 15% interest in the Kanga-1 well. These savings will be realised in the June ’22 quarter.
Prospective Resources are estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation may be required to determine the existence of a significant quantity of potentially moveable hydrocarbons. Kanga-1 to spud early May 2022