Monday 27 June 2016

Exploration Permit AC/P 61 was awarded to Finder on 23 June 2016. The Permit is located in the Vulcan Sub-basin, western Bonaparte Basin in the Timor Sea, approximately 250 km offshore and 650 km from Darwin off the northwest coast of Western Australia.

Opportunity highlights

Surrounded by oil and gas discoveries: The Permit is surrounded by oil discoveries, ie the Tenacious oil field (yet to be developed) immediately to the west of the Permit, the depleted Jabiru oil field immediately south of the Permit (which produced 120 mmbbls of oil) and the yet-to be-developed Audacious oil field immediately to the east of the Permit. Immediately to the north of the Permit is the Oliver gas/oil discovery and the Cash/Maple gas field complex is ~30 kilometres to the west of the Permit.

Four petroleum systems currently identified:

o Tithonian fluvio-deltaic to basin floor fans sandstones of the Upper Vulcan Formation charged from Oxfordian to Kimmeridgian and Plover oil prone source rocks;

o Middle Jurassic fluvio-deltaic sandstones of the Plover Formation charged from Plover Formation source rocks;

o Lower Jurassic to uppermost Triassic fluvio-deltaic sandstones of the Nome Formation charged from Plover Formation source rocks; and

o Upper Triassic deltaic sandstones of the Pollard Formation charged from Plover Formation source rocks.

Significant identified prospectivity already: The Permit contains the Gem Prospect, an intra-graben Jabiru/Challis look-a-like horst block. As currently mapped the Gem Prospect has a Jurassic Oxfordian depth closure of up to 7.9 km² with some 190 metres of vertical relief. Other leads are identified within the Permit, such as the Douglas Updip Lead and a possible extension of the Tenacious oil field into the Permit.

Clear work plan to high grade & de-risk through geophysics: The Permit is fully covered by the Onnia 3D seismic survey. A broadband pre-Stack Depth Migration reprocessing effort will include the adjacent offset well ties from the Oliver, Tenacious and Audacious oil and gas fields to deliver full Permit coverage.