Finder picks up two more UK North Sea licences
Australia's Finder Energy has added two more licences to its UK North Sea portfolio, the company reported on May 21.
Finder entered the UK in April, acquiring full ownership of the P2528 licence in the central North Sea, after filing a successful bid in the country's 32nd licensing round. The company has now obtained 100% of the P2502 and 60% of the P2524 licences as well from London-based Azinor Catalyst.
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The 424-km2 P2502 area is situated on the western edge of the East Shetland basin, in the north North Sea, while the 171-km2 P2524 area is on the southern flank of the South Viking Graben, central North Sea.
P2502 has significant potential in the Upper Jurassic turbidite play with over 1.2bn barrels of oil equivalent identified across 11 mapped leads, Finder said. P2524's leading prospect is Barracuda, targeting the same Upper Jurassic reservoir that hosts the nearby prolific T-Block and Brae complex oilfields. It holds a further three prospects and leads and two small oil and condensate discoveries.
The acquisitions "are in line with our strategy to secure high-quality exploration acreage close to discoveries and infrastructure," Finder CEO Damon Neaves said. "We expect to announce further North Sea acquisitions as well as new partnerships in the near future."
Finder also noted that Nick Terrell and Henry Morris, former Azinor co-founders and directors, would be joining its team.