Australian Company Buys North Sea Licenses

Finder Energy Pty Ltd has announced that it has completed the acquisition of two “highly prospective” UK North Sea operated licenses (P2502 and P2524) from Azinor Catalyst Limited.

P2502, which is located on the western edge of the East Shetland Basin in the Northern North Sea, is said to hold significant potential in the Upper Jurassic turbidite play with over 1.2 billion barrels of oil equivalent identified across eleven mapped leads. P2524, which is situated on the southern flank of the South Viking Graben in the Central North Sea, contains the Barracuda prospect, which is targeting the same Upper Jurassic reservoir that hosts the nearby T-Block and Brae complex oil fields. In addition to the Barracuda prospect, the P2524 contains a further three prospects and leads and two small oil and condensate discoveries, Finder Energy highlights.

The company holds a 100 percent working interest in license P2502 and an operated 40 percent working interest in license P2524. Harbour Energy holds the remaining 60 percent working interest in license P2524.

“These two acquisitions build on Finder’s recently announced entry into the North Sea through the 32nd UK Offshore Licensing Round and are in line with our strategy to secure high-quality exploration acreage close to discoveries and infrastructure,” Damon Neaves, the chief executive officer of Finder Energy, said in a company statement.

“We expect to announce further North Sea acquisitions as well as new partnerships in the near future. We are also pleased to announce that Nick Terrell and Henry Morris, former Azinor co-founders and directors, will be joining the Finder team to drive our UK North Sea growth strategy,” he added.

Last month, Finder Energy announced that it had been awarded a 100 percent interest in the P2528 license in the 32nd UK Offshore Licensing Round. P2528 is located on the southern edge of the South Halibut Basin in the Central North Sea. In February, the company revealed that it had entered the North Sea with the award of a 100 percent interest in license P2530 as part of the 32nd UK Offshore Licensing Round. P2530 is located in the Central North Sea.

Finder Energy is an oil and gas exploration company based in Perth, Western Australia. The business, which was established in 2004, is currently one of the most active explorers on the North West Shelf of Australia, according to its website.

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