Apache to Farm-In Dampier Basin Permit

Finder has entered into a farm-out agreement which provides for Apache Northwest Pty Ltd (Apache), a wholly owned subsidiary of Apache Corporation, to earn a 65% interest in Exploration Permit WA-418-P (the Permit). The Permit is located in the northern Dampier Basin, directly north of the Mutineer / Exeter / Fletcher oil fields and northeast of the North Rankin Trend gas/condensate discoveries.

The farm-out agreement provides that Apache will earn its interest in the Permit through:

  • a cash payment (including recovery of sunk costs on the Permit);
  • paying the costs of an extensive 3D seismic dataset (in excess of 1,000 km2) covering the primary prospects in the Permit; and
  • funding the drilling of an exploration well in the Permit.

Finder's Managing Director, Jan Ostby commented, "Following our recent successful farm-out of the WA-450-P Permit to Apache it is pleasing to again be able to work with Apache on another highly prospective and play rich exploration Permit. We look forward to high-grading the identified prospects and leads through the acquisition and interpretation of a substantial 3D seismic program to develop drillable prospects."

"It is an exciting time at Finder as we continue to develop our Australian exploration portfolio on the North West Shelf. In the next 6-12 months Finder will be involved in nearly 5,400 km2 of brand new 3D seismic data over eight permits, which following interpretation should enable a number of drillable prospects to be identified within the next 12 - 18 months."