SOUTH PERTH, Australia — Finder Energy has signed farmout agreements for three of its licenses in the UK central North Sea.
Pending regulatory approvals, the company will assign 40% interest in P2527, P2528 and P2530 to Dana Petroleum (E&P), with Finder retaining a 60% operated interest.
The company may pursue further farmouts in the new year to attract funds for drilling.
Under the transaction, Finder will receive cash payments from Dana totaling £1.3 million (US$1.53 million), and Dana Petroleum will also pay its share of future work programs.
The two companies currently co-operate in P2502 in the East Shetland Basin.
Finder has modern 3D seismic datasets and recently completed two PSDM-FWI 3D reprocessing projects over P2527, P2528 and P2530, named the Big Buzz and Big Bird 3D Repro Projects.
Analysis has revealed a substantial improvement in imaging at the target objective, and interpretation/prospect generation is underway.
Within P2527 and P2528, the Upper Jurassic sandstones form the main objectives for stratigraphic traps, similar to the productive reservoirs of the nearby 1 Bbbl-plus Buzzard oil field.
Big Buzz reprocessed four vintage 3D surveys to deliver a final merged contiguous dataset over both licenses and surrounding analogue oil fields.
P2530, in the North Kittiwake Basin, is south of the Forties and Nelson fields and north of Kittiwake and Gannet. Main play is the Upper Jurassic Fulmar sandstones that have provided prolific reservoirs in nearby oil fields
The main focus is on Jurassic syn-rift depocenters and associated salt cored highs and adjacent mini-basins.