Finder Energy Holdings Ltd., Perth, is seeking a farminee to fund a well test for the Gem prospect in the Vulcan subbasin of Timor Sea permit AC/P61.
The company recently completed technical studies on the prospect, including interpretation of a new 3D seismic survey over the area, and believes Gem to be a robust trap.
Analysis of more than 50 existing wells in the region show an exploration success rate of more than 60% for all wells drilled on valid traps, Finder said.
Gem is surrounded by numerous oil and gas discoveries, including the developed Jabiu and Challis oil fields to the south where 180 million bbl of oil has been recovered. The permit is surrounded by undeveloped discoveries Tenacious, Audacious, and Oliver, that have been uncommercial on their own.
Regional petroleum system modelling by the company indicates that both the Plover formation and Lower Vulcan formation source rocks are mature to generate and expel hydrocarbons from the Cartier Trough immediately to the west of the Gem prospect, which lies along migration pathways.
If Gem-1 is a discovery, it has potential to become a development hub to commercialize surrounding stranded oil through tiebacks to a Gem production platform, the company said.
Finder is operator of the license with 50% interest. Fugro Exploration Pty Ltd. holds the remaining 50%.