Finder Energy acquires position near Buzzard field

April 26, 2022
Finder Energy Holdings Ltd., Perth, agreed to acquire 100% interest in Seaward production license P2527 in the central North Sea from Talon Energy Ltd., Perth.

Finder Energy Holdings Ltd., Perth, agreed to acquire 100% interest in Seaward production license P2527 in the central North Sea from Talon Energy Ltd.

The license, in the Outer Moray Firth, covers an area of 110 sq km about 100 km east-northeast of Aberdeen in 100 km of water. Near Finder’s P2528 license, the acquired asset lies near CNOOC International-operated Buzzard field and contains the White Bear prospect—a large Upper Jurassic stratigraphic trap on trend with Buzzard (OGJ Online, Nov. 29, 2021).

Currently in Phase A—a 4-year period set to expire Nov. 30, 2024—the work program is limited to licensing and reprocessing of 3D seismic data and technical studies. Finder has licensed 3D data over P2527 and is nearing completion of a 3D seismic data reprocessing project over a 1,667-sq km area as part of its work on P2528.

As both the P2527 license and the White Bear prospect fall within the area of the Big Buzz 3D reprocessing project, the Phase A work program is satisfied, and Finder is not required to make any material additional spend to meet the current work commitment.

Following completion of the reprocessing project, prospect evaluation—expected to generate risking and resource estimates—will begin in June, kicking off farmout efforts later this year.

Under the terms of the deal—subject to regulatory approvals—Finder will acquire 100% interest in P2527 and grant Talon a right to 12.5% of gross income received by Finder in relation to the license.