Finder Farms-Out AC/P-52 Interest to Sasol

Finder Exploration has entered into a farm-out agreement which provides for Sasol Petroleum Australia Limited, a wholly owned subsidiary of Sasol Petroleum International ("SPI"), to earn 45% in exploration permit AC/P 52. The permit is located in the north western part of the Browse Basin.

Finder's Managing Director, Jan Ostby, said the agreement was yet another significant step in the ongoing delivery of Finder's overall northern Browse Basin exploration portfolio which enables Finder to reduce their financial exposure whilst maintaining a significant holding in the Permit.

"We are very encouraged and excited to be joining forces with Sasol in AC/P 52. To date we have identified several key prospects and leads, including the large multi-TCF size "Cronus" gas prospect, and we are pleased that Sasol has chosen to join us and recognises the prospectivity of this exploration acreage. The next steps for the permit will be the acquisition and interpretation of over 500 km2 of 3D data in 2010 and we look forward to working with Sasol on this dataset to mature a drill ready target."

Sasol Group General Manager Lean Strauss said the acquisition marks a step forward in Sasol's strategy to secure a significant position in exploration acreage in Australia's NW shelf.

"We see great potential in the prospectivity of AC/P 52 and are eager, together with Finder, to unlock the value in this acreage."

The participating interests in the Permit will be as follows:

  • AC/P 52 Participating Interest
  • Finder Exploration Pty Ltd (Operator) 55%
  • Sasol Petroleum Australia Limited 45%