Perth-based private exploration company Finder Exploration has entered into an agreement to farm-out 90 percent of its participating interest in exploration permit WA-520-P to Australian LNG operator Woodside.
The permit is located in the Northern Carnarvon Basin offshore Australia’s North West Shelf, directly south of the Gorgon and Clio major gas fields.
“From our acreage review, we identified large multi-TCF Triassic gas and large Cretaceous oil prospects,” Finder’s Chief Executive Shane Westlake, said.
“We are now looking forward to working with Woodside on the new Isometrix Exmouth MC3D seismic data acquired earlier in the year with processing expected to be finished in May 2018,” he added.
Finder did not reveal the value of the deal.
Woodside now holds a 90 percent share in WA-520-P while Finder owns 10 percent.